Chinese e-commerce firm GD Culture Group invests $300 million in Trump's meme cryptocurrency

Despite a staff too small to play a game of baseball, the firm made the purchase with money from a stock sale to an undisclosed interest in the British Virgin Islands

GD Culture Group, a small Chinese e-commerce company with eight employees and no revenue, has made a $300 million investment in bitcoin and Donald Trump's $TRUMP meme cryptocurrency, according to a securities filing.

The company, which is partly owned by a subsidiary of the Chinese government, said it used proceeds from the sale of stock to an undisclosed interest in the British Virgin Islands to make the purchase.

It's unclear how much of the investment went to bitcoin and how much went to $TRUMP, but it's the first instance of a company with connections to the Chinese government buying Trump's cryptocurrency.

In a previous financial disclosure, GD Culture stated that the Chinese government may "intervene or influence" the operations of one of its subsidiaries "at any time."

Trump's cryptocurrencies have already proven to be an excellent way for foreign interests to gain favor with the president.

Earlier this year, an Emirati-backed fund invested $2 billion in Trump's USD1 coin as part of a deal with the president to help create jobs and economic opportunities in the United States.

And a Mexican company bought $20 million of the meme coin to lobby his administration on issues such as the North American Free Trade Agreement (NAFTA).

The timing of GD Culture's purchase is also worth noting.

For the past month, Trump has been running a contest with whoever buys the most $TRUMP wins a private dinner with him and other top contestants on May 22.

The sweepstakes, which some Democrats are calling a brazen act of corruption, netted Trump-owned businesses about $320 million in fees.

But as soon as it ended, investors started selling the coin, leading to a sharp drop-off in value.

It's possible that GD Culture bought $299 million worth of bitcoin and just $1 million of $TRUMP, which wouldn't be a bad idea considering that bitcoin is seeing a quiet resurgence to all-time highs amid economic anxiety caused by Trump's trade war.

But even if most of its investment went to BTC, Trump's businesses would still receive a nice trading fee and provide proof of concept for a very important idea: The $TRUMP coin is still a great way for foreign millionaires to buy the president's attention.

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