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Highlights
- Trump Media can purchase up to 140,000 BTC at current prices if US SEC approves the bill.
- The filing coincides with the House-approved 'Beautiful Bill,' which allocates increased funding for targeted sectors.
- Bitcoin advocate Max Keiser stated the spending bill is a mechanism for Trump to bolster Bitcoin holdings.
Trump Media and Technology Group (TMTG) has recently raised an additional $12 billion, which could be used for Bitcoin filing, as per the latest S3 filing. This comes just a week after the Media group closed its $2.3 billion Treasury deal. Interestingly, they are raising more funds at a time, as the US Congress presents the ‘Beautiful Bill’ for more government spending.
Trump Media Raises Its Bitcoin Purchase Bar
After closing a $2.3 billion Bitcoin Treasury Deal last week, Trump Media has now submitted another filing while registering $12 billion in fresh securities, which can be used to buy more BTC. If approved, the Media Group can purchase a massive 140,000 BTC at the current market price.
Interestingly, the latest filing mentions Bitcoin 362 times, a stark contrast to its previous S-3 filing, which mentioned it only once. This shows how TMTG has strengthened its commitment to having Bitcoin as a strategic asset.
Note that the S-3 filing requires a Form EFFECT approval from the U.S. Securities and Exchange Commission (SEC) before becoming effective. Interestingly, this comes as the House of Representatives approved the US Congress spending bill aka ‘Beautiful bill’, which has the backing of Donald Trump, and now awaits Senate approval.
TMTG Making Big Moves Before Senate Vote
Coinbase CEO Brian Armstrong stated that the ‘Big Beautiful bill‘ will actually be beneficial for BTC, making way for the largest crypto to become the preferred reserve asset.
The proposed bill seeks to allocate increased funding for targeted sectors while also allowing for a potential raise in the US debt ceiling. Bitcoin advocate Max Keiser stated that President Donald Trump is using this bill to boost his Bitcoin holdings, referring to it as an “invite to print-to-death”. Today’s S-3 filing by Trump Media, coming just ahead of the Senate vote, raises the speculation.
Additionally, Trump’s Truth Social is willing to bring its own Bitcoin ETFs, after the massive success of the investment products in 18 months of its launch. On June 5, Truth Social registered a new entity – Truth Social Bitcoin and Ethereum ETF – as a domestic Bitcoin Trust in Nevada.
Trump Musk Rift Causes Crypto Market Volatility
Billionaire Elon Musk, once Trump’s strongest ally, has gone out outrightly objecting to the ‘Beautiful bull’ that promotes defense spending and further raises the debt ceiling. The Trump-Musk rift went public yesterday, with both friends turned foes taking big jabs at each other.
This triggered major volatility in the crypto market as Bitcoin and altcoins plunged, triggering nearly $1 billion in crypto market liquidations.
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