Story Highlights
- Trump Media files a SPAC to raise $179M for cryptocurrency purchases.
- The firm bought Bakkt and planned its trading platform, TruthFi.
- Bitcoin slightly rose to $87K following Trump’s encouragement to the Fed to lower interest rates.
Trump Media & Technology Group has made a filing with the U.S. Securities and Exchange Commission (SEC) to form a special purpose acquisition company (SPAC) that would raise $179 million to take over cryptocurrency companies. The filing, under the name of Renatus Tactical Acquisition Corp I, was made in the Canary Islands, as reported by Forbes.
The deal highlights the growing intersection of politics and cryptocurrency as U.S. President Donald Trump continues to gain traction for digital currencies. Trump Media has bought a number of companies within the last year and has become a crypto and blockchain giant.
Three Trump Media senior officials are spearheading the SPAC venture that will operate as a blank check firm focused on mergers and acquisitions within the crypto sector. This comes after a series of actions by Trump and his related entities to venture into digital finance.
Trump’s Growing Cryptocurrency Activity
Donald Trump has become increasingly fascinated by cryptocurrency and has participated in all kinds of blockchain projects, ranging from his own NFT releases to the World Liberty Financial initiative. Trump Media was in the news in November 2024 when it purchased the cryptocurrency exchange Bakkt, thereby solidifying its position within the market.
Soon after, the firm revealed it was planning on its own crypto trading platform, TruthFi. Although news regarding the platform has been limited, the most recent SEC filing indicates Trump Media is aggressively seeking more expansion into digital assets.
The crypto market surged following Trump’s request for the Federal Reserve to reduce interest rates, taking Bitcoin temporarily to test $87,000 before it pulled back to $85,000 on March 20. The overall market remained bullish despite the price adjustment, and this was an indicator of optimism regarding the effect of declining interest rates.
Trump Media’s recent SPAC filing has drawn in investors, whose actions are part of a growing trend of institutional investment in cryptocurrencies. The acquisition plan would create Trump Media as a behemoth of the future digital asset economy if it succeeds.
