Trump’s wealth, having increased by $3 billion between September and September, propelled the politician to 201st place in Forbes’ ranking of the 400 richest Americans. According to the publication, this growth was made possible by the Trump family’s investments in cryptocurrency assets. In January, Trump Media announced the creation of the Truth.Fi division and allocated $250 million for the acquisition of traditional and digital assets, including securities related to cryptocurrencies. By the end of May, Trump Media announced it had raised $2.5 billion to form its own Bitcoin reserve. To secure these investments, the corporation entered into agreements with fifty institutional investors to sell them its shares. The cryptocurrency will be stored using the platforms Crypto.com and Anchorage Digital. Devin Nunes, the CEO and Chairman of the Board of Trump Media, stated that Trump’s organization intends to use the leading cryptocurrency as a tool to protect against “bias from financial institutions.” Trump Media and Technology Group was founded by Trump in February 2021. In March 2024, TMTG became a public company after merging with Digital World Acquisition Corp and soon began trading on the Nasdaq exchange. Subsequently, Trump transferred his 58 percent stake in Trump Media to a trust managed by his son, Donald Trump Jr. Earlier, executives from 65 organizations working with digital assets, including the Solana Policy Institute, Blockchain Association, as well as companies Block, Pantera, Wintermute, Skybridge, and Uniswap Labs, strongly recommended that Trump immediately instruct federal agencies to clarify regulations regarding cryptocurrency regulation and taxation.
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