Nasdaq Firm Invests $300M in Trump Memecoin & Bitcoin

A Nasdaq-listed firm, GD Culture Group, has committed up to $300 million to invest in both Bitcoin and a Trump-themed memecoin, TRUMP. This investment was disclosed in a May 11 SEC filing, triggering a surge of 6% for the TRUMP token following the announcement. The company plans to utilize funds raised through an undisclosed stock deal with an investor based in the British Virgin Islands for this investment. GDC has no revenue or employees and operates an e-commerce platform on TikTok, which faces potential US ban concerns.