On May 27, 2025, U.S. local time, Trump Media & Technology Group (TMTG), the company operating the Truth Social platform, just dropped a bombshell, planning to raise $2.5 billion through private placement to build a Bitcoin treasury and incorporate it into the company's reserves for financial stability and long-term value storage.
From Rumor Denial to Official Announcement, Only 14 Hours Apart
Just a day before TMTG's official announcement, the Financial Times reported that TMTG planned to raise $3 billion ($2 billion in stocks + $1 billion in bonds) to invest in Bitcoin and other cryptocurrencies, to be announced before the Bitcoin 2025 Conference. However, regarding this news, TMTG not only quickly "denied" it but also denounced the Financial Times reporter as stupid, "having listened to an even more stupid source."
However, just a day later, TMTG officially announced the $2.5 billion Bitcoin treasury plan, with only slight differences from the so-called "stupid" rumor. TMTG will raise $2.5 billion by issuing $1.5 billion in common stock and $1 billion in zero-coupon convertible senior secured bonds. According to Bloomberg, this financing was subscribed by around 50 institutional investors, expected to be completed around May 29, with Crypto.com and Anchorage Digital responsible for Bitcoin custody, Yorkville Securities and Clear Street as lead underwriters, and Howard Lutnick, the new Commerce Secretary of the Trump administration and former CEO of Cantor Fitzgerald, serving as transaction advisor.
At the time of the announcement, Bitcoin price was approaching its historical high, and the year's largest digital asset conference, "Bitcoin 2025," was being held on the Las Vegas Strip. Last year, this conference consolidated former President Trump's image as America's first "Crypto President," and this year it gathered even more high-profile attendees including Vice President JD Vance, Trump's sons Donald Trump Jr. and Eric Trump, White House crypto advisor David Sacks, and MicroStrategy's Michael Saylor. TMTG's choice to drop this bombshell on the eve of the conference might be an attempt to leverage the global crypto enthusiasm and amplify market influence.
Crypto.com's alignment with the Trump camp goes beyond technical aspects. In October 2024, Crypto.com proactively sued the SEC after receiving a Wells Notice, challenging its regulatory authority. Subsequently, Trump nominated crypto-friendly Paul Atkins as the next SEC chairman, and Crypto.com immediately withdrew the lawsuit. In March 2025, the SEC concluded its investigation into Crypto.com without taking any enforcement actions. In May this year, Crypto.com, which had already established its North American headquarters in Texas, also opened a new office in Washington, D.C., geographically drawing closer to the White House.
When the "America First" ideology meets DeFi, TMTG's Bitcoin vault plan may no longer be just a corporate financial strategy, but also an extension of Trump's political machine into the digital asset realm.
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