Billionaire Invests $100M in Trump’s Bitcoin Push
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Donald Trump's media group, TMTG, is making significant strides in the cryptocurrency market, securing a substantial investment from DRW Investments, a Chicago trading firm founded by Don Wilson. DRW committed $100 million for 4 million shares in TMTG, a move closely following the closure of a regulatory investigation into DRW's crypto activities. This investment is strategically linked to TMTG's ambitious plan to acquire over $2.5 billion worth of Bitcoin, reflecting DRW's long-term bullish outlook on the cryptocurrency. DRW's perspective aligns with holding Bitcoin as a corporate asset, viewing this investment in TMTG as a direct method to support that strategy. The firm's substantial crypto experience, including a previous purchase of 70,000 BTC from a US government auction of Silk Road assets, further underscores their confidence. Other institutional investors are also backing TMTG, with Jane Street leading the pack with a $375 million investment. TMTG aims to raise a total of $2.5 billion, potentially accumulating over 140,000 BTC at current market prices. The SEC's recent approval of TMTG's registration statement for its Bitcoin Treasury offering marks a regulatory milestone, enabling the company to proceed with its fundraising and Bitcoin acquisition plans while simultaneously introducing increased regulatory oversight. This development has also prompted DRW to advocate for a reevaluation of the SEC and CFTC, asserting that current regulatory structures are not adapting fast enough to the rapid changes in the global crypto market.
