Trump Media and Technology Group (DJT), the parent company of the social media platform Truth Social, is planning a $400 million share buyback program.
President Donald Trump’s media firm said that the repurchase would be funded separately from and not alter its bitcoin treasury strategy.
The buyback will be conducted through open market transactions, and the repurchased shares will be retired by the company, Trump Media announced on Monday.
“Since Trump Media now has approximately $3 billion on its balance sheet, we have the flexibility to take actions like this which support strong shareholder returns, as we continue exploring further strategic opportunities,” CEO Devin Nunes said.
Trump Media recently raised more than $2 billion from around 50 institutional investors to create a BTC treasury, for which Crypto.com and Anchorage Digital will provide custody services.
DJT shares climbed over 3.8% to $18.50 in early trading on Monday following the buyback announcement.