Despite initial denials, the company confirmed it raised $2.5 billion for Bitcoin purchases via share resales and convertible notes, supported by a registration approved by SEC Chair Paul Atkins. Meanwhile, President Trump’s broader crypto agenda is under scrutiny. Lawmakers introduced the COIN Act to restrict political figures from crypto involvement, due to ethical concerns. Separately, Panther Metals Plc surged 21% after announcing it would integrate Bitcoin into its own treasury and use it as collateral for mining acquisitions. Stock Buyback Won’t Stop Trump’s Bitcoin Plans Trump Media and Technology Group, the company behind the Truth Social platform, announced a $400-million stock buyback program, and explained that the move will not interfere with its previously disclosed plans to build a Bitcoin treasury. In a notice that was released Monday, the company stated that its board of directors authorized the repurchase of up to $400 million in common shares, and clarified that this initiative is separate from its cryptocurrency ambitions, which include investing more than $2 billion into Bitcoin. Announcement from TMTG After initially denying reports that it planned to raise $3 billion for cryptocurrency investments, Trump Media later confirmed that it secured $2.5 billion in funding for Bitcoin purchases. According to the filing, the company’s Bitcoin strategy includes a private placement offering amounting to roughly $2.3 billion. These funds were generated through the resale of 56 million shares and 29 million shares linked to convertible notes, based on debt and equity agreements previously registered with the US Securities and Exchange Commission (SEC). The SEC, which is now chaired by Paul Atkins, approved the registration statement tied to Trump Media’s Bitcoin initiative earlier this year. The company also submitted applications to launch a spot Bitcoin ETF and, through Truth Social, a dual ETF tied to both Bitcoin and Ethereum. These applications came after the SEC began approving spot Bitcoin ETFs in January of 2024 and spot Ether ETFs in May of 2024. Beyond corporate investments, President Trump proposed the creation of a national “Strategic Bitcoin Reserve” and a broader “Digital Asset Stockpile” via a March executive order. These reserves will hold digital assets seized or forfeited to the US government. However, Trump advisers have hinted at broader ambitions for accumulating digital assets beyond legal forfeitures. Critics, including lawmakers on the Senate Permanent Subcommittee on Investigations, accused the president of leveraging his office to financially benefit crypto-aligned entities. Bill Targets Trump’s Crypto Ties The disapproval of Trump’s crypto ties is only increasing. California Senator Adam Schiff and nine other Democratic lawmakers recently introduced the COIN Act . This is a bill that is specifically aimed at preventing what they describe as the financial exploitation of digital assets by the US president and other public officials. Announcement from Sen. Adam Schiff The legislation comes in response to the growing concerns over President Donald Trump’s connections to the cryptocurrency industry, particularly after the disclosure that he earned $57.4 million through World Liberty Financial, a crypto platform backed by members of his family. According to Schiff , Trump’s involvement with digital assets raised “significant ethical, legal, and constitutional concerns” regarding the use of presidential power for personal financial gain. The COIN Act proposes to bar current and former public officials—including presidents and their families—from issuing, sponsoring, or endorsing any form of digital asset like cryptocurrencies, meme coins, NFTs, or stablecoins. These restrictions would apply for a period extending from 180 days before taking office to two years after leaving office. The bill specifically targets payment stablecoins, after WLF’s announcement of its USD1 stablecoin in March. An Abu Dhabi-based company reportedly planned to use the stablecoin to settle a $2 billion investment on Binance. Additionally, the Trump family’s ownership stake in WLF reduced from 75% in December to 40% in June, with the divestment potentially netting millions in proceeds. An April report from the State Democracy Defenders Action revealed that Trump’s digital asset holdings were worth approximately $2.9 billion, and consists of about 40% of his total net worth. The bill by Schiff is one of the Senate’s earliest attempts to directly confront the president’s crypto-related financial interests. On the same day, California Representative Maxine Waters introduced a parallel bill in the House called the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act. The measure was introduced shortly after Trump held a private dinner to honor top holders of his personal meme coin. Despite their high-profile nature, the future of either bill is still very uncertain. With Democrats in the minority in both chambers of Congress, the legislation faces an uphill battle. Even if it passes the House and Senate, it would likely be vetoed by President Trump. Panther Metals Rides Bitcoin Treasury Wave Trump and TMTG are not alone in their Bitcoin ambitions. Panther Metals Plc, a UK-listed mineral exploration company, also recently unveiled a strategic shift by integrating Bitcoin into its corporate treasury, combining traditional mining operations with digital asset holdings. On Monday, the company announced plans to acquire £4 million ($5.4 million) worth of Bitcoin to position the asset not just as a store of value but as a form of productive capital. As part of this strategy, Panther will use £1.3 million ($1.75 million) in Bitcoin from its treasury as collateral to complete the acquisition of the Pick Lake mining deposit in Ontario, Canada, while maintaining full Bitcoin exposure. Announcement highlights from Panther Metals This move is a departure from the standard Bitcoin treasury model, where companies passively hold the asset. Panther plans to actively leverage Bitcoin to finance high-quality mineral projects, minimizing shareholder dilution by tapping into more favorable terms available in the digital asset market. CEO Darren Hazelwood believes in Bitcoin’s role as a hedge against inflation and fiat currency volatility, and stated that the hybrid strategy enhances the company’s resilience and market adaptability. The Pick Lake asset is part of the larger Winston Project, a high-grade, polymetallic zinc, copper, and precious metals deposit. It represents approximately 85% of the project's total mineral resources. Zinc is a key component in galvanizing steel and battery technologies, and is considered a critical mineral, adding even more strategic value to the acquisition. Hazelwood claims the model equips Panther to thrive across varying market cycles. Investor enthusiasm was evident, as shares of Panther Metals (PALM) surged 21% on the London Stock Exchange on Monday. Over the past month, PALM stock climbed 150%, including a 61% rise in just the last week, according to Google Finance. Panther Metals share price over the past month (Source: Google Finance ) Panther now joins a growing list of corporations adopting Bitcoin treasury strategies. Real estate magnate Grant Cardone recently revealed his firm’s first Bitcoin purchase after acquiring 1,000 BTC for its corporate treasury. Meanwhile, established Bitcoin holders like Michael Saylor’s Strategy and Japan-based Metaplanet continue to boost their reserves.
