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President Donald Trump’s family media corporation plans to gobble up $2.5 billion worth of Bitcoin (BTC).
Trump Media and Technology Group Corp., which operates Truth Social, announced on Tuesday that it entered into subscription agreements with approximately 50 institutional investors to facilitate the Bitcoin purchase.
The firm agreed to issue and sell approximately $1.5 billion in its common stock to the investors and $1 billion in 0.00% convertible senior secured notes.
Devin Nunes, Trump Media’s chief executive and chairman, says the firm is adopting a Bitcoin treasury because it views BTC as an “apex instrument of financial freedom.”
“Our first acquisition of a crown jewel asset, this investment will help defend our Company against harassment and discrimination by financial institutions, which plague many Americans and US firms, and will create synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+. It’s a big step forward in the Company’s plans to evolve into a holding company by acquiring additional profit-generating, crown jewel assets consistent with America First principles.”
BTC is trading at $109,395 at time of writing after hitting a new all-time high of $111,814 late last week. The top-ranked crypto asset by market cap is up nearly 2.5% in the past week and 16% in the past month.
