On June 5, 2025, the Trump Media & Technology Group filed a Form S – 3 with the US Securities and Exchange Commission (SEC). This filing registers 85 million securities related to its previously closed $2.44 – billion Bitcoin treasury deal. It also includes a universal shelf registration, giving the company the flexibility to issue additional securities in the future as part of a broader crypto – focused financing strategy.
According to the company’s disclosures, net proceeds of approximately $2.32 billion are earmarked for creating a corporate Bitcoin reserve. At the current price of around $101,000 per BTC, this is equivalent to approximately 23,000 BTC, which would place Trump Media among the top public holders of this asset by quantity. The custody of the company’s Bitcoin reserves is expected to be split between Anchorage Digital and Crypto.com.
This move is in line with Trump Media’s growing involvement in the crypto markets. Recently, the company launched a new fintech brand, Truth.fi, and proposed a Truth Social Bitcoin ETF, which was filed with the SEC separately. The ETF and the S – 3 filing were advanced in the same week, indicating the company’s rapid series of crypto – related disclosures.
CEO Devin Nunes said that the new capital provides the company with “financial freedom to implement the rest of our strategies”. He described having more than $3 billion in liquid assets under management as the foundation for expansion. Nunes also emphasized the role of Bitcoin exposure in providing differentiated value to shareholders.
Trump Media previously announced the closure of the private placement on May 30, pricing 55.8 million shares at $25.72 and issuing $1 billion in convertible notes at a $34.72 strike. The dual – nature of the filing, including both resale registration and a universal shelf provision, gives the company broad discretion to raise additional funds through equity or debt.
With this treasury strategy, Trump Media will enter the elite tier of corporate Bitcoin holders. Although Strategy remains the largest holder, with over 580,000 BTC according to current disclosures, Trump Media’s anticipated allocation would place it ahead of companies like Tesla, Semler Scientific, and Japan – based Metaplanet in terms of BTC – denominated reserves. The strategic timing of this expansion comes amid the continued interest in corporate treasury diversification and institutional participation in digital assets.
The Form S – 3 filing is subject to SEC review, which will determine whether the resale and future security issuances will proceed as structured. The company has not disclosed the timeline or execution details for the actual Bitcoin purchases, including the average entry price or hedging strategy. It remains unclear whether the BTC holdings will be acquired incrementally or all at once. For now, the company is capitalized with proceeds and filings in place, pending the regulator’s response and final execution of the BTC reserve plan.
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