Trump’s Media Company Says It Holds $2B in Bitcoin After New U.S. Crypto Law Passes

Trump’s media company has confirmed a $2.5 billion investment in Bitcoin, a few days after the U.S. House of Representatives passed the crypto legislation.

This move was a part of the company’s previously announced investment strategy.

Trump’s Media Company Invests $2 Billion in Bitcoin

Trump Media and Technology Group, the parent company of Trump’s Truth Social platform, revealed that it currently holds about $2 billion in Bitcoin and Bitcoin-related securities, a few days after cryptocurrency bills pushed by Trump advanced in Congress.

The announcement came four days after the U.S. House of Representatives passed three bills, two focused on central bank digital currencies and market structure, and the third, the GENIUS Act, which was enacted by Trump on Friday. 

The price of Bitcoin briefly surged past $120,000 as the week began, but later dropped to $118,436 at the time of publication.

Trump’s Crypto Influence Grows as WLFI and TRUMP Tokens Soar

The passing of the GENIUS Act bill could benefit Trump’s family-linked crypto business, World Liberty Financial, which runs its own stablecoin. The price of its governance token, WLFI, has more than doubled in the last seven days after a vote to make it stable.

Meanwhile, the price of the president’s meme coin, Official Trump, grew by about 10% from $10.45 to $11.55 during the same week. According to Nansen.ai, Trump and his family held a 20% stake in World Liberty as of June, and the president maintains control over 80% of his meme coin supply.

Back in March, Trump signed an executive order to establish a Strategic Bitcoin Reserve and a national Digital Asset Stockpile in the US. At first, it was believed to consist of crypto assets seized by the US administration, but Trump’s advisors later suggested alternative strategies, including revaluing the government’s gold certificates.