DJT shares fall 10% as Trump Media says it's raising $2.5 billion to buy bitcoin
LAS VEGAS — Trump Media announced Tuesday a $2.5 billion raise from institutional investors to bankroll one of the largest bitcoin treasury allocations by a public company.
Shares of the company fell about 10% following the news.
It's the latest and most ambitious move in its evolution from a free-speech social platform to a financial services player.
The deal includes $1.5 billion in common stock and $1 billion in convertible notes, with proceeds earmarked for the purchase of bitcoin, which the company will now hold as a core treasury asset. the company said it has subscription agreements with about 50 institutional investors.
The company also confirmed the bitcoin will be held with Anchorage Digital and Crypto.com — the same platform that recently inked a deal to help Trump Media launch its first exchange-traded funds.
The announcement comes as bitcoin nears record highs and the year's biggest gathering of digital asset enthusiasts gets underway on the Las Vegas Strip: Bitcoin 2025. The conference helped solidify President Donald Trump's image as the country's first "crypto president."
This year, it's a full-court press from the Trump White House at the conference, with Vice President JD Vance, Don and Eric Trump, crypto czar David Sacks, and other top officials all attending.
Trump Media's stock remains volatile, with shares down nearly 30% this year so far. The company has a market cap of about $5.3 billion, despite reporting just $3.6 million in revenue and a $400 million loss in 2024.
Trump indirectly owns more than 114 million shares of Trump Media through a revocable trust.
Devin Nunes, the company's CEO and a former California congressman, called bitcoin an "apex instrument of financial freedom" and said this was just the first of many "crown jewel" acquisitions the firm would pursue.
He framed the move as a defensive strategy, saying it would help protect the company from what he described as ongoing "discrimination by financial institutions" against conservative businesses.
The firm has already inked a partnership with Crypto.com to bring a series of ETFs and digital asset products to market later this year, pending regulatory approval.
Those funds will include baskets of crypto like bitcoin and Crypto.com's native token, cronos, alongside traditional securities. They will be branded under Trump Media and offered to global investors across major brokerage platforms and on the Crypto.com app, which has more than 140 million users worldwide.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
31 minutes ago
- Yahoo
TSMC says tariffs have some impact but AI demand robust
HSINCHU, Taiwan (Reuters) - U.S. tariffs are having some impact but demand for artificial intelligence (AI) remains strong and continues to outpace supply, the chief executive of Taiwanese chipmaker TSMC said on Tuesday. U.S. President Donald Trump's trade policies have created much uncertainty for the global chip industry and TSMC, the top producer of the world's most advanced semiconductors whose customers include Apple and Nvidia. C.C. Wei, speaking at the company's annual shareholders meeting in the northern Taiwanese city of Hsinchu, said they have not seen any changes in customer behaviour due to tariff uncertainty and the situation may become clearer in coming months. "Tariffs do have some impact on TSMC, but not directly. That's because tariffs are imposed on importers, not exporters. TSMC is an exporter. However, tariffs can lead to slightly higher prices, and when prices go up, demand may go down," he said. "If demand drops, TSMC's business could be affected. But I can assure you that AI demand has always been very strong and it's consistently outpacing supply." In April, the company, the world's largest contract chipmaker, gave a bullish outlook for the year on robust demand for AI applications. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
33 minutes ago
- Yahoo
95% of Meta shareholders want nothing to do with a Bitcoin Treasury
95% of Meta shareholders want nothing to do with a Bitcoin Treasury originally appeared on TheStreet. At Meta Platforms' annual shareholder meeting on May 30, shareholders overwhelmingly opposed a proposal to add Bitcoin to the platform's balance sheet, a trend that has gained prevalence in recent months. Shareholder Proposal 13, made by investor Ethan Peck representing the National Center for Public Policy Research, included a recommendation to convert some of the company's $72 billion in cash and marketable securities into Bitcoin as an inflation hedge and due to the lower yields in bonds. However, the vote tally showed that 4,980,828,562 shares (around 95%) were cast against the proposal, with only 3,916,871 cast in favor of it. Additionally, 8,857,588 shares were abstained from, and 204,772,865 were counted as broker non-votes. "While we are not opining on the merits of cryptocurrency investments compared to other assets, we believe the requested assessment is unnecessary," stated Meta's board. According to Bitcoin News, at Bitcoin 2025, Matt Cole, CEO of Strive Asset Management, stated, "You have already done step one. You have named your goat Bitcoin," he said. "My ask is that you take step two and adopt a bold corporate bitcoin treasury strategy," addressing Meta CEO Mark Zuckerberg. Meta's announcement falls in line with what other tech giants, most notably Microsoft and Amazon, have already done by rejecting any requests to add Bitcoin to their treasury reserves. However, Meta has begun to re-enter the cryptocurrency market, with research into integrating stablecoins like USDC and USDT into its platforms for content creator payments and cross-border transactions, according to Forbes. However, Andy Stone, Meta Communications Director, posted on X saying, "To be clear: as Mark said (and as the story notes), Diem is 'dead." There is no Meta stablecoin," while referring to the Libra Association, which was trying to create a stablecoin-like payments system back in 2019. At press time, Meta's stock is trading at $668.17, up over 3.19% in the last 24 hours. 95% of Meta shareholders want nothing to do with a Bitcoin Treasury first appeared on TheStreet on Jun 2, 2025 This story was originally reported by TheStreet on Jun 2, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
35 minutes ago
- USA Today
Russia's 'Pearl Harbor': What to know about Ukraine's audacious drone strike
Russia's 'Pearl Harbor': What to know about Ukraine's audacious drone strike Ukraine unleashed more than a hundred drones smuggled deep into Russia in what it called its most damaging attack yet. Show Caption Hide Caption Donald Trump 'disappointed' with Vladimir Putin President Donald Trump told reporters he was 'disappointed' with Russian President Vladimir Putin, referencing latest attacks on Ukraine. Ukraine said the strikes on Russian strategic bombers had caused $7 billion in damage. "It had an absolutely brilliant outcome," Zelenskyy said. 'It is impossible to restore these losses,' Rybar, a pro-Kremlin Telegram channel, said. WASHINGTON − Ukraine destroyed dozens of enemy bombers using a horde of drones smuggled deep into Russia in a stunning attack that Russian war bloggers are calling Moscow's Pearl Harbor. It was the most damaging Ukrainian attack on Russia in the three years since Moscow invaded. Ukrainian intelligence said the coordinated strikes on June 1 took a $7 billion toll on Russia's military and demolished more than a third of Moscow's strategic cruise missile carriers, including planes cabable of carrying nuclear warheads. Ukrainian President Volodymyr Zelenskyy called the massive attack, which he said used 117 drones, his country's "longest-range operation." More: War in Ukraine rages on as Putin's 3-day ceasefire nears: updates in maps Russia's Pearl Harbor? "It had an absolutely brilliant outcome," Zelenskyy said on Telegram. "Russia has had very tangible losses, and justifiably so." Oksana Markarova, Kyiv's ambassador to the United States, called the attack a "very successful defensive operation in Russia against Russian aircraft that, on a daily basis, bomb our hospitals and schools and kill our kids." Speaking at an AI event in Washington, Markarova said it was "the best example of how innovation can and should work in defense." With Ukraine set to meet Russia for U.S.-brokered peace talks the next day and amid aggressive Russian advances on the battlefield, the ambitious June 1 attack showed neither side is counting on a breakthrough in negotiations. "We hope that the response will be the same as the US response to the attack on their Pearl Harbor or even tougher," Russian war blogger Roman Alekhin wrote on Telegram, comparing the Ukrainian strike to the 1941 Japanese raid on a U.S. base in Hawaii. 'It is impossible to restore these losses,' reported Rybar, a pro-Kremlin Telegram channel. Ukrainian 'Spider's Web' The operation, code-named "Spider's Web," was characteristic of the style of warfare Ukraine has made its brand as it attempts to undercut Russia's larger military – flooding the zone with cheap, deadly drones. But the scope of this attack set a new precedent. The drones, strapped with explosives, were hidden inside the roofs of wooden sheds, which were dropped off by trucks at the outer edge of Russian military bases, a Ukrainian security official told Reuters. The roofs then opened by remote control, unleashing the drones to swarm the military bases. Ukraine's intelligence service said 41 Russian aircraft were hit at four air bases stretching from the Finnish border to Siberia. One targeted base, in the Irkutsk region, lies more than 2,600 miles from the front lines, making it the farthest target Ukraine has hit during the conflict. Russia's defense ministry acknowledged in Telegram messages June 1 that drones launched "from an area in close proximity to airfields resulted in several aircraft catching fire." The operation came a day after Russia launched a massive overnight attack on Ukraine using 472 drones and seven missiles, according to Ukraine's air force – the most drones launched in one operation throughout the conflict. Separately on June 1, Ukraine struck two highway bridges in Russian regions close to its borders, killing seven people and injuring 69. One bridge collapsed on a train carrying nearly 400 passengers to Moscow, according to Russian investigators. Three of the missiles and 372 drones were downed, the air force said. Peace talks restart as Trump loses patience with Russia Ukraine launched the operation a day before Ukraine and Russia will meet for U.S.-mediated negotiations in Istanbul to end the grinding conflict. President Donald Trump has pressed both sides for a ceasefire. Earlier this year, his focus was trained on Ukraine, sparking tension with Zelenskyy that exploded into public view during a combative Oval Office meeting in late February. But in recent weeks, Trump has grown more frustrated with Russian President Vladimir Putin's dug-in position in negotiations. In his starkest criticism of Putin to date, Trump wrote that Putin had "gone absolutely CRAZY" after Russia launched a barrage of drones and missiles into Ukrainian cities last weekend that killed a dozen people. "I've always had a very good relationship with Vladimir Putin of Russia, but something has happened to him. He has gone absolutely CRAZY!" Trump wrote in a May 25 Truth Social. Trump said days later in the Oval Office that he was "very disappointed" that "people were killed in the middle of what you would call a negotiation." (This article was updated to correct the misspelling of President Volodymyr Zelenskyy's last name.)
