Trump Media raises $2.5bn to buy bitcoin
Donald Trump's media company says it is raising $2.5 billion from institutional investors to build a bitcoin reserve.
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Shares in Trump Media and Technology Group fell around 10% on the news.
The deal with around 50 investors includes $1.5 billion in common stock and $1 billion in convertible notes, the proceeds of which will be used to create a bitcoin treasury. Crypto.com and Anchorage Digital will provide custody for Trump Media's Bitcoin treasury.
Devin Nunes, CEO, Trump Media, says: "We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets.
"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+."
Trump's embrace of crypto has helped bitcoin's valuation push the $100,000 mark recently. The president has outlined plans for the government to build a 'Strategic Bitcoin Reserve' and a separate 'US Digital Asset Stockpile'. Last week, 220 investors in his $Trump memecoin were invited to a dinner with the President at a luxury golf club in northern Virginia.
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