Trump Media invests $2B in Bitcoin following U.S. House approval of crypto legislation.
BitGo confidentially files for IPO as crypto firms accelerate public market entry.
Ether Machine unveils $1.5B ETH yield fund targeting institutional Ethereum exposure.
Today, significant news has reshaped the cryptocurrency market, highlighting efforts to create legislation, attract institutional investments, and establish new funds. Notably, the media company led by former President Donald Trump has announced a $2 billion investment in Bitcoin. This announcement comes just days after key cryptocurrency-related bills were passed by the US Congress..
At the same time, large firms such as BitGo and Ether Machine have revealed high-profile crypto projects, indicating an increasing institutional interest. Bitcoin reserve plans, Ethereum yield products, and IPO submissions all suggest a trend of growing collaboration between mainstream finance and digital assets in the United States under the current administration. Let’s take a look at our crypto news today.
Trump Media and Technology Group (TMTG) announced that it now holds $2 billion in Bitcoin, following the US House's passage of significant crypto legislation. The company behind former President Donald Trump's Truth Social platform disclosed this investment in Bitcoin and related securities on Monday. This move aligns with an investment strategy previously declared in May, following $2.5 billion raised through stock and bond sales.
TMTG allocated $1.5 billion from equity and $1 billion from convertible senior secured bonds toward Bitcoin acquisitions. The announcement followed the US House's approval of three cryptocurrency-related bills during "crypto week," as labeled by Republicans and Trump supporters. The price of Bitcoin briefly surpassed $120,000 but settled at $118,436 at the time of publication.
https://x.com/EleanorTerrett/status/1947275636591952020
Notably, Trump also signed the GENIUS stablecoin bill into law on Friday, marking a significant policy change regarding cryptocurrency. Two other bills, on the crypto market structure and central bank digital currencies (CBDCs), still have to be approved by the Senate. Additionally, World Liberty Financial, a crypto company with the support of the Trump family, is a possible beneficiary of the GENIUS law. The governance token of this company, WLFI, also surged considerably when holders voted to make it tradable.
Blockchain analytical firm Nansen.ai also reported an increase in interest in Trump's memecoin, Official Trump (TRUMP). The price of the token increased by almost 10%, soaring to the value of 11.55 after breaking through the $10.45 resistance. The Trump family businesses control approximately 80% of the TRUMP token supply, and one entity has a 20% stake in World Liberty Financial.
Also Read: How ETH Became a Reserve Asset, Digital Oil & TradFi’s Top Pick
Crypto custody provider BitGo Holdings confidentially filed a draft registration statement for its planned initial public offering (IPO) with the US Securities and Exchange Commission (SEC). Announced Monday, BitGo's IPO would mark another significant listing in the crypto sector, following Circle’s successful debut on the New York Stock Exchange in June.
BitGo's move comes after Grayscale Investments reportedly filed a confidential IPO, which suggests that the cryptocurrency is gaining confidence in the market under the Trump administration. The advantage of confidential IPO filings is that sensitive financial data can be kept private until it nears the time of the IPO.
Furthermore, BitGo, established in 2013, boasts of securely managing digital assets for exchanges, institutions, and corporations. It now custodies over $100 billion worth of assets and supports over 1,200 cryptocurrency tokens. The IPO follows several years of legal battles that BitGo experienced when Galaxy Digital called off its deal to purchase the company in 2022.
https://x.com/BTCTN/status/1947292314683986306
The filing indicates a renewed interest in cryptocurrency-based stocks under conditions of friendly regulation. Notably, Circle's success in its IPO, which raised its stock price per share from $31 initially to over $223 at debut, illustrates this interest. More firms, such as Kraken, Gemini, and Ledger, may follow suit, further contributing to crypto's mainstream integration.
Ether Machine, a newly formed crypto asset manager, announced plans to launch a substantial Ether (ETH) yield fund targeting institutional investors. With a targeted amount of more than $1.5 billion (approximately 400,000 ETH) under management, the fund is designed to provide institutions with access to Ethereum infrastructure and the yields generated by ETH.
Co-founded by former Consensys executives Andrew Keys and David Merin, Ether Machine will merge The Ether Reserve with Dynamix Corp, a Nasdaq-listed special purpose acquisition company (SPAC). Following the merger, the company plans to list on Nasdaq under the ticker symbol “ETHM.”
Ether Machine employs an investment approach based on staking, restaking, and active participation in decentralized finance (DeFi) protocols. The fund will also provide infrastructure to businesses, decentralized autonomous organizations (DAOs), and blockchain-native developers.
https://x.com/WhaleInsider/status/1947233504523129053
This announcement comes as institutions are adopting cryptocurrency assets to change investor appetite. Large firms such as Lion Group and Interactive Strength, which are listed on the Nasdaq stock exchange, recently announced significant crypto reserve allocations. Lion Group launched a $600 million crypto treasury reserve, while Interactive Strength raised $500 million to invest in AI-centred digital assets.
Moreover, the introduction of Ether Machine underscores the rapid institutional trend of investing in Ethereum and generating returns through yield-generating approaches. This trend mirrors the overall expansion of the crypto market, with institutions joining holdings that are not limited to Bitcoin.
Also read: Bitcoin News Today: US Bitcoin ETFs See $2.39B Weekly Inflows as BTC Price Holds $119K