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Boosted by kornel ("Kornel"):
molly0xfff@hachyderm.io ("Molly White") wrote:
Trump owns 53% of the Trump Media company, which has recently announced it’s getting into crypto. Three days after Trump Media announced a partnership with Crypto.com, Crypto.com got the news that the SEC was dropping its investigation into their company.
![Truth Social and Truth.Fi Trump Media & Technology Group, behind Trump’s Truth Social platform, is also newly exploring the cryptocurrency world. Trump owns about 53% of the shares, estimated to be worth around $2 billion, in the publicly traded company, which recently submitted filings to allow the trust holding his shares (controlled by Donald Trump Jr.) to sell them [I81]. In January, the company announced it would enter the fintech space with a brand called Truth.Fi, focusing on “America First investment vehicles”.6 On March 24, TMTG announced a partnership with Singapore-based crypto exchange Crypto.com — a company under SEC investigation, that had in August 2024 received a Wells notice informing them of an impending enforcement action [I68]. On March 27, only three days after the partnership announcement, Crypto.com revealed that the SEC had dropped its investigation [I81]. Simultaneously with its announcement about entering fintech, TMTG announced it would allocate up to $250 million of its cash reserves into investment vehicles including bitcoin and other cryptocurrencies.7 By investing in crypto, the company (and thus Trump) stands to profit from Trump’s own actions to pump crypto prices, including announcing a bitcoin strategic reserve to “elevate this critical industry”, and exploring avenues to use government money to buy bitcoin [I80].](https://files.mastodon.social/cache/media%5Fattachments/files/114/355/780/754/426/962/original/bf835fc9d7bc45d6.png)