GD Culture Group, which is traded on the Nasdaq, said it would spend $300 million on a stockpile of Bitcoin and $TRUMP, using proceeds from a stock sale to an unnamed entity in the British Virgin Islands, a popular tax haven.
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GD Culture Group became the latest business with foreign ties to seize on Mr. Trump’s crypto venture, which channels profits directly to the Trump family and has generated conflicts of interest that have alarmed ethics experts.
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The purchase would create clear ethical conflicts, enriching Mr. Trump’s family at the same time that the president tries to reach a deal that would allow TikTok to keep operating in the United States rather than face a congressionally approved ban.
The announcement also shows how investors around the world, including some that have virtually no public footprint, have latched on to the president’s crypto ventures to boost their own business prospects.
NYT
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