Trump Media and Technology Group announced plans to repurchase up to $400 million worth of its own shares while leaving intact the $2.3 billion it has earmarked for building a substantial Bitcoin (BTC) reserve.
The board of directors authorized the buyback plan as a show of confidence in the company’s stock and future growth strategy, according to the June 23 statement.
TMTG CEO and Chairman Devin Nunes said:
“With nearly $3 billion available on our balance sheet, we’re in a position to deliver value to shareholders while pursuing strategic moves like our Bitcoin treasury plan.”
The repurchase program will be carried out in the open market at the company’s discretion.
Shares of Trump Media, which trade under the ticker DJT, edged down 0.1% during the June 23 trading session to $17.81. The stock has fallen almost 48% since hitting yearly highs in January as the company has pushed deeper into digital assets.
Digital assets push
In May, Trump Media announced it had secured about $2.3 billion specifically to purchase Bitcoin, reinforcing President Trump’s broader embrace of cryptocurrency.
The company has also submitted filings for two Truth Social-branded crypto ETFs: one investing solely in Bitcoin and another split between Bitcoin and Ethereum (ETH).
President Donald Trump’s expanding crypto ventures have attracted increased attention in Washington, with lawmakers questioning potential risks related to campaign fundraising and conflicts of interest.
Last week, financial disclosures showed the President earned more than $57 million from his blockchain venture, World Liberty Financial, days before reports emerged that his family’s stake in the company had been trimmed.
Rumors about a Truth Social crypto wallet and token remain unresolved after the company denied near-term plans earlier this year. Meanwhile, Bitcoin hovered near $101,779 on Monday, down nearly 6% in the past day.
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