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.

Trump Media (DJT) stock was up over 5% Monday after the company announced it had purchased $2 billion in bitcoin (BTC-USD) and related securities. President Trump's namesake media group runs his social media platform,