- Trump Media and Technology Group received approval from the U.S. Securities and Exchange Commission (SEC) for its registration statement related to a major Bitcoin treasury acquisition.
- The approved filing allows for the resale of 56 million shares, plus 29 million shares linked to convertible notes, raising $2.3 billion from about 50 investors.
- TMTG currently has no immediate plans to issue more securities but set up a universal shelf for future flexibility.
- CEO Devin Nunes stated the company is rapidly growing its social media, streaming, and fintech offerings while establishing Bitcoin as part of its assets.
- TMTG has also filed with the SEC to create a spot Bitcoin exchange-traded fund (ETF).
Trump Media and Technology Group (TMTG), which owns the Truth Social platform and is partially owned by former President Donald Trump, received approval from the U.S. Securities and Exchange Commission (SEC) for its registration connected to a $2.3 billion Bitcoin purchase deal. The SEC declared TMTG’s S-3 registration statement effective on June 13, following its filing on June 6.
The approved registration allows TMTG to facilitate the resale of about 56 million shares and 29 million shares linked to convertible notes. These share offerings are connected to debt and equity agreements with around 50 investors, generating $2.3 billion. TMTG also filed a final prospectus with the SEC on the same day.
TMTG’s CEO and President Devin Nunes said the company is expanding in several directions. “By simultaneously enhancing and growing our social media platform, TV streaming platform, and our fintech brand while establishing a Bitcoin treasury, we aim to continue rapidly transforming Trump Media into an indispensable company for the expanding customer base of the Patriot Economy,” Nunes stated.
The company emphasized that its universal shelf registration will allow more flexibility for future plans, though there are presently no immediate plans to issue new securities under this registration. On June 13, TMTG shares closed at $19.52, down 2.06% for the day, according to Google Finance data.
At the end of May, TMTG announced a $2.5 billion capital raise to purchase Bitcoin, after denying earlier reports of the deal. Nunes previously commented that TMTG views “Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets.”
On June 5, TMTG also filed with the SEC to launch a spot Bitcoin exchange-traded fund (ETF). According to TMTG’s filing, “The assets of the Trust consist primarily of Bitcoin held by a custodian on behalf of the Trust. The Trust seeks to reflect generally the performance of the price of Bitcoin,” the company stated. An ETF is an investment fund traded on stock exchanges, much like stocks, typically designed to track the performance of a specific asset or group of assets.
For further details, review the official SEC filing here.
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