Trump family 'makes $3 BILLION bet' on cryptocurrencies including Bitcoin
President Donald Trump 's family plans to drop a $3 billion investment into cryptocurrencies, including bitcoin, as it bets big on digital assets.
The president has said he hopes to make the United States the 'crypto capital of the world.'
Now his Trump Media & Technology Group plans to raise $2 billion in fresh equity by selling off its stock and another $1 billion via a convertible bond to invest heavily in the digital coin business, the Financial Times reported.
The initial cash will come from about 50 institutional investors by selling roughly 58 million shares of the company.
Then, those funds will be used to create one of the largest corporate reserves to invest in Bitcoin, giving the Trumps' a a 'bitcoin Treasury.'
Trump Media & Technology Group is behind the Truth Social app and President Trump is its largest shareholder. As president, his assets are in a blind trust managed by his family.
The formal announcement of the new investment strategy came ahead of this week's big meeting of crypto investors taking place in Las Vegas.
Vice President JD Vance and Trump's sons Don Jr and Eric are scheduled to speak. Trump's crypto tsar David Sacks is also expected to attend.
The company said it is looking to diversify its revenue streams with a push into the financial sector.
'We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,' Devin Nunes, the company's chief executive officer, said in a statement.
President Trump owns a little over 50 percent of Trump Media's stock, making the approximately $2.7 billion stake one of his most valuable investments.
The company went public a little over a year ago but has lost money ever since. Truth Social has generated just a few million dollars in advertising revenue - despite it being President Trump's preferred social media platform.
Last quarter, Trump Media recorded a $32 million loss on just $820,000 in revenue from advertising and other sources.
The Trump family famously made its money in real estate, putting its mark on the New York City skyline and at Trump properties throughout the world.
But the family is diversifying and opened multiple beachheads in crypto, quickly gaining hundreds of millions of dollars.
Those other crypto forays include Trump NFTs, a meme coin, a stake in a newly formed bitcoin producer called American Bitcoin and the cryptocurrency exchange World Liberty Financial.
Last week, more than 200 wealthy crypto bros descended on Trump's Washington D.C. golf course for a private dinner with the president.
Democrats and ethic experts criticized the event, calling it a way for Trump to enrich himself.
But the president pushed back against the charge in remarks to guests, arguing that Hunter Biden and the Biden family made a fortune off the Oval Office.
'Ultimately, no matter what it is, I always put the country way ahead of the business,' he said, adding 'You can't say that about Hunter.'
Trump pointed out President Joe Biden's son Hunter sold paintings for thousands of dollars: '500,000 for a painting.'
Video of his remarks were posted on social media by attendees.
The dinner was hosted by the president's cryptocurrency venture for the biggest holders of the $TRUMP meme coin.
Trump pitched the value of the venture when he addressed the room.
'A lot of sense in crypto, a lot of common sense,' the president said. He wore the blue suit and red tie he had been wearing at the White House all day.
Many of the investors in the cryptocurrency are foreign and it's unclear what kind of background check they went through in order to be near the ballroom.
The event was to thank investors for their $400 million investment in Trump's memecoin.
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