TTP Media and Technology Group (TMTTG), a company with the United States President Donald Trump ' s Truth Social platform and held in part by the President, has been approved by the United States Securities and Exchange Commission (SEC) for its registration statement in relation to the $2.3 billionbitcoin reserve exchange.
According to the SEC document of 13 June, the agency declared the S-3 registration statement submitted by TMTG on 6 June in connection with the Bitcoin (BTC) reserve transaction “effective”. S-3 is a form used by United States companies to register for the sale of various types of securities (e.g. shares, options and types of debt). On the same date, the TTMG submitted the corresponding final offer to the SEC.
The SEC document shows that, as part of its Bitcoin Reserve Plan, TMTG registered the resale of some 56 million shares, as well as 29 million shares of convertible instruments related to debt and equity agreements with about 50 investors, raising a total of $2.3 billion.
Although the registration statement included a generic shelf to provide “greater flexibility” for future TMTTG growth plans, the company now has “no immediate plan” to issue any securities under it.
“We are actively implementing plans to expand companies, products and capabilities. Devin adds:
“through the simultaneous enhancement and expansion of our social media platforms, television stream media platforms and financial technology brands, as well as the creation of a Bitcoin reserve, we aim to continue rapidly to transform the Trump media into an indispensable company in the growing client base of the patriotic economy.”
According to Google Finance, the TTMG stock price fell by 2.06 per cent on the date of the transaction on 13 June, with a collection price of $19.52.
This approval was made a few weeks after the company confirmed a $2.5 billion financing plan for the purchase of bitcoin on 27 May, after it had denied early reports of the transaction.
At that time, Devin stated that TMTTG considered “bitcoin as the apex instrument of financial freedom, and now the Trump media is making the possession of encrypted currency an important part of our assets”.
Arkham, a block chain analyst, stated in an X post on 28 May: “Trump media will buy $2.5 billion in bitcoin. Is Trump about to enter the Saylor mode?"
Meanwhile, on 5 June, TTMG applied to SEC for the introduction of the Bitcoin Exchange Trading Fund (ETF).
In a document dated 5 June, TMTTG states: “The assets of the trust consist mainly of bitcoin held by the trustee on behalf of the trust. The trust is intended to broadly reflect the performance of Bitcoin prices.”