Trump Media & Technology Group (TMTG) has received a substantial $100 million investment from Don Wilson’s Chicago-based trading firm, DRW Investments, according to public filings. The deal involved the purchase of 4 million shares in TMTG, demonstrating strong backing for the Trump family’s ambitious plan to acquire over $2.5 billion worth of Bitcoin.
Notably, this investment comes just nine weeks after the Trump administration concluded its investigation into Don Wilson’s firm, adding intrigue to the timing of the deal.
Trump family’s TMTG Group continues to secure more backers for its $2.5 billion Bitcoin Treasury plan. Jane Street is currently the largest investor funding TMTG’s crypto bet, wherein it purchased $375 million worth of shares in the Trump Group, as reported by Financial Times, citing a regulatory filing. Speaking of the current investment in the Trump Media Group, DRW Investments noted:
“We are a major institutional player in cryptoassets and have been for over a decade. We engage in a variety of strategies in the crypto ecosystem, and we see the benefit of holding bitcoin on corporate balance sheets. This transaction was viewed purely through that lens.”
In the past, DRW Investments has also called for replacing the US SEC and the US CFTC with an “entirely new regulator”. A company spokesperson also said that “the current structure of the CFTC and SEC does not reflect the innovations that have taken place in global markets and should be examined”.
As per the FT report, Wilson, a longstanding proponent of digital assets, founded the crypto-focused firm Cumberland over a decade ago. In 2015, he acquired 70,000 Bitcoins during a U.S. government auction of assets seized from the Silk Road marketplace. Today, that holding is worth approximately $7.7 billion.
On Friday, June 13, the U.S. Securities and Exchange Commission (SEC) declared the registration statement for Trump Media’s Bitcoin Treasury deal effective. This milestone clears the path for the company to proceed with its plan to integrate Bitcoin into its financial strategy. This registration statement involves clearance for 56 million shares of equity and other 29 million shares of other convertible notes.
Last week, the Trump family’s TMTG group announced raising $12 billion, adding that they could potentially use the proceeds for Bitcoin purchases. Thus, if the SEC approves, the Media group can purchase over 140,000 BTC as of the current Bitcoin price.
On the other hand, TMTG’s Truth Social is also seeking to launch its own spot Bitcoin ETFs in the market. If approved, it would be competing with giants like BlackRock and Fidelity in this space.
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