SEC Clears Trump Media’s Bitcoin Registration—Biggest Institutional BTC Buy Yet?

• Trump Media & Technology Group just confirmed that the U.S. SEC has officially signed off on its Bitcoin treasury plan.
• The company shared that it pulled in roughly $2.3 billion by combining debt and equity deals, with support from about 50 different investors.

Trump Media & Technology Group (TMTG) is in the headlines again. The U.S. Securities and Exchange Commission (SEC) has officially approved the company’s Bitcoin-related registration, clearing the path for what could be one of the most significant corporate Bitcoin moves yet. This isn’t just a standard filing. It’s tied to a massive $2.3 billion raise involving nearly 50 institutional investors, hinting at something much bigger in the works. At the heart of this is a clear strategy: building out a Bitcoin treasury.

The registration, filed on June 6, came in the form of an S-3—a type of filing that gives companies flexibility to offer new securities. TMTG’s filing includes around 56 million shares and another 29 million connected to convertible notes. Even more noteworthy is the universal shelf provision, which gives the company room to raise up to $12 billion in the future. In short, this approval gives TMTG the financial runway to move fast and scale big.

While TMTG isn’t yet in the same league as Strategy, it’s showing real intent. As of the end of Q1, TMTG had $759 million in cash and short-term investments. Now it’s aiming to raise an additional $3 billion: $2 billion through equity sales and another $1 billion from a convertible bond. If successful, that capital could go straight into crypto, putting TMTG among the Bitcoin holders in the public markets.

Just a day before the S-3 registration, on June 5, TMTG filed another application, this time for a spot Bitcoin ETF under the name Truth Social Bitcoin ETF. As CNF reported, the fund is planned to launch on NYSE Arca and is being developed in partnership with crypto asset manager Yorkville America Digital. Crypto.com is set to serve as the custodian. If the ETF gets approved, it would give investors a fresh way to gain Bitcoin exposure, and it would mark yet another major step in TMTG’s rapid pivot toward becoming a player in digital finance.

Who Else Is Stacking BTC?

Currently, 61 corporate treasuries globally hold about 3.2% of all the Bitcoin that will ever exist. Publicly traded companies collectively hold around 673,897 BTC. Some companies have been adding to their stacks quietly, including GameStop and Japan’s Metaplanet. MicroStrategy, a long-time crypto bull, recently added another 7,390 BTC, bringing its total holdings to a staggering 582,000 BTC. Even Paris Saint-Germain (PSG), one of Europe’s top football clubs, has added Bitcoin to its reserves.

At the time of writing, Bitcoin is trading around $105,128, up nearly 56.9% % over the past year. In the short term, BTC has seen a 0.20% increase in the last 24 hours and a 0.16% gain over the past week. However, trading volume is seeing a sharp drop:

Bitcoin derivatives volume has fallen by 43.63%, totaling $76.96 billion. That drop in volume suggests a possible cooldown in market momentum, even as price action remains bullish.