The president’s media company announced in late May that it had intended to buy $2.5 billion of the world’s largest cryptocurrency.

Trump Media, which owns the Truth Social app, announced in May that it planned to raise $2.5 billion to buy bitcoin, with the goal of creating a reserve of the cryptocurrency. The $2 billion bitcoin purchase is part of the company's "bitcoin treasury plan," Trump Media CEO Devin Nunes said in a news release on Monday.