It is no longer a secret that the key management officials of Trump Media and Technology Group (NASDAQ: DJT) see the broader crypto sector as a critical revenue-generating avenue. Today, we've received yet another piece of evidence that alludes to this company-wide undercurrent.
$DJT Trump Media Execs Including CEO Devin Nunes File Registration Statement with SEC to Raises $179M for a New SPAC with Plans to "focus search on high potential businesses based in the USA in the cryptocurrency & blockchain, data security and dual use technologies markets." pic.twitter.com/ZrPlsx8S6Q
— matthew sigel, recovering CFA (@matthew_sigel) March 20, 2025
To wit, the CEO of Trump Media and Technology Group (TMTG), Devin Nunes, has now filed a registration statement with the SEC to raise $179 million via a Special Purpose Acquisition Company (SPAC).
For the benefit of those who might not be aware, SPACs raise funds in an IPO and then typically merge with a private business in an attractive industry, allowing the shares of the combined company to trade on the stock exchange. SPACs had exploded in popularity during the bull cycle of the COVID-19 pandemic. Since then, however, these vehicles have gone out of favor, largely due to the high failure rate of the resulting business combinations and the imposition of stricter disclosure requirements, especially in relation to financial projections.
Coming back, the new SPAC of Trump Media and Technology Group's CEO intends to merge with a "high-potential business based in the United States in the cryptocurrency and blockchain, data security and dual-use technologies market."
Of course, this is not the first crypto-focused foray by key individuals associated with Trump Media and Technology Group. After all, President Trump, who is TMTG's biggest shareholder, has launched his own meme coin, aptly called $TRUMP.
Moreover, back in October, the Trump family endorsed a cryptocurrency project, dubbed World Liberty Financial, a DeFi platform of sorts, gaining hefty fees from the sale of $WLFI tokens in the process.
Of course, with just 646,000 daily visits, Truth Social - Trump's X-like echo chamber of sorts wholly owned by TMTG - barely makes any money. In fact, for the year that ended on the 31st of December, Trump Media and Technology Group reported just $3.6 million in sales. What's more, when you remove the amortization of deferred revenue from this figure, actual billings for the year amount to just ~$200,000. Consequently, the TMTG's management seems to be pursuing alternate strategies to bolster revenue.
For instance, in November 2024, the Financial Times reported that Trump Media and Technology Group (TMTG) was in advanced talks to acquire Bakkt, a dedicated crypto exchange owned by Intercontinental Exchange.
More recently, Trump Media and Technology Group's board approved the diversion of up to $250 million from its current reserve of around $700 million in cash and cash equivalents towards setting up customized Separately Managed Accounts (SMAs) and ETFs, including one dedicated to Bitcoin, under the Truth.Fi banner and in partnership with Charles Schwab and Yorkville advisors.
Finally, Trump Media's board has also approved the creation of a "strategic acquisition fund with select investors" to explore "opportunities to partner, merge with and/or acquire other participants in the growing America First Economy ..."
$DJT | TRUMP MEDIA & TECHNOLOGY: CEO DEVIN NUNES 2024 TOTAL COMPENSATION $46.9 MLN
— Wall St Engine (@wallstengine) March 18, 2025
As for Devin Nunes himself, his company might not be doing too well right now, but he certainly is. Consider the fact that the CEO of Trump Media and Technology Group collected a whopping $46.9 million in compensation in 2024, which is 13x his company's sales for the full year.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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