Trump Media Technology Group (DJT), the parent company of President Donald Trump’s Truth Social, has agreed to merge with nuclear fusion company TAE Technologies in an all-stock deal worth more than $6 billion.
DJT shares were up 25% in early trading Thursday, but are still down sharply year to date.
The deal will transform Trump Media from a social media operator into a clean energy and financial assets company, the company said in a release.
It builds on the crypto strategy the company has been rolling out, launching a fintech arm called Truth.Fi in partnership with cryptocurrency exchange Crypto.com earlier this year, while also launching crypto-related exchange-traded funds tied to BTC, ETH, SOL, XRP and the exchange’s CRO token.
The company has also built a massive cryptocurrency balance sheet. Trump Media holds 11,542 Bitcoins worth approximately $1.02 billion and invested $105 million in the CRO in September as part of a partnership with the exchange.