Trump Media approves $400M buyback, doubles down on Bitcoin and ETFs

Trump Media and Technology Group (TMTG)’s Board of Directors authorized the repurchase of up to $400M of the company’s common stock or warrants. The repurchases will be conducted through open market transactions, with repurchased shares being retired by the company. 

TMTG’s CEO and Chairman, Devin Nunes, said the board took a vote of confidence in the company’s stock, strategic plans, and about $3B on the balance sheet. However, the timing and amount of the repurchases would be at Trump Media’s discretion, in compliance with relevant U.S. SEC rules and regulations. 

Nunez also explained that, sitting on $3B, the company had the flexibility to support such strong shareholder returns, as it continued exploring opportunities. He emphasized that these financial activities aimed to supply the capital needed for the company’s expansion and strategic growth.

TMTG uses separate funds for share buybacks and Bitcoin treasury strategy

🇺🇸 LATEST: Trump Media $DJT authorizes $400M stock buyback, fully separate from its $2.3B Bitcoin treasury strategy, which remains unchanged. pic.twitter.com/TnIPkh7t4B

— MrRebel.eth (@rebelethpromos) June 23, 2025

According to Trump Media, the share repurchase authorization would be funded separately from, and would not alter, the company’s previously announced Bitcoin treasury strategy, which featured a private placement offering of roughly $2.3 billion. The company said it would use $1.5 billion of the Bitcoin treasury fund in equity and about $1 billion in convertible notes to buy Bitcoin, with custody provided by Anchorage Digital and Crypto.com. 

Nunez called Bitcoin “a crown jewel” and explained that the board’s $400M stock buyback was meant to shield the company against what he described as “discrimination by financial institutions” against conservative businesses. He added that the funds will also support the launch of Trump-branded exchange-traded funds (ETFs) and other crypto products pending regulatory approval later this year.

It was a strategy popularized by Michael Saylor’s MicroStrategy (now Strategy) in 2020—but now turbocharged by Trump’s political connections and crypto allies. David Bailey, a trusted crypto advisor to the Trump administration, described the play as “strategy squared.”

“Our total focus is on increasing the Bitcoin per share.”

–David Bailey, Trump’s Crypto Policy Advisor

Additionally, the company disclosed that it may, without prior notice, seek to repurchase its outstanding convertible notes in open-market or privately negotiated transactions. It will also retain broad discretion over the terms, prices, and factors applicable to such repurchases, if any. 

Trump Media confirms convertible notes buybacks remain active

The company emphasized that its financial position supports the dual strategies. It also suggested that more steps may be taken in the future, as it explored additional financial moves, including the possible buybacks of convertible notes. Trump Media previously clarified that the buybacks were independently funded and would not interfere with one another.

As part of its broader capital strategy, Trump Media also filed to register nearly 56 million equity shares and approximately 29 million shares tied to convertible notes for resale by investors. The company disclosed that it secured an additional $2.3 billion through debt and equity agreements with about 50 investors.

Last week, Trump Media secured $100 million from DRW, a Chicago-based trading firm. The funds are part of a larger strategy to support the $2.3 billion Bitcoin allocation. The company has not confirmed how much Bitcoin it has acquired so far, but said it will continue executing its crypto plans over time.

In addition to the investment, Trump Media also filed to launch a dual Truth Social Bitcoin and Ethereum ETF. The company disclosed that the ETF would allocate 75% of its assets to Bitcoin and 25% to Ethereum if approved. However, the company announced that the launch of the Truth Social Bitcoin and Ethereum ETF was pending the effectiveness of the Registration Statement and the approval of a Form 19b-4 filing with the U.S. SEC.

Trump Media shares (DJT) also rose more than 3% during early Monday trading. The price increased to $18.39 by mid-morning Eastern Time. The rise came after weeks of volatility in the stock, which has dropped over 50% since January.

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