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Time of India
a day ago
- Business
- Time of India
Trump Media raises $2.44 billion for Bitcoin treasury plan
Trump Media & Technology Group Corp., the company behind Truth Social , raised around $1.44 billion from selling stock at a price of $25.72 per share and raised about $1 billion in convertible bonds , to buy Bitcoin for its treasury. The company's shares rose as much as 7.6% on Friday after it announced the pricing. They were up 2.9% to $21.43 each as of 12:30 p.m. in New York on Friday. Trump Media plans to use the $2.32 billion in net proceeds from the offering for purposes including creating a Bitcoin treasury . The company joins PSQ Holdings, another firm linked to President Donald Trump's family, in looking to expand into Bitcoin treasury. PSQ counts Donald Trump Jr. as a board member, and is one of scores of other companies following Michael Saylor's Bitcoin-buying model at Strategy. Crypto Tracker TOP COIN SETS BTC 50 :: ETH 50 -0.97% Buy Smart Contract Tracker -2.07% Buy DeFi Tracker -2.08% Buy Web3 Tracker -5.50% Buy NFT & Metaverse Tracker -9.73% Buy TOP COINS (₹) Tether 86 ( 0.23% ) Buy Bitcoin 8,957,932 ( -1.39% ) Buy BNB 57,013 ( -1.55% ) Buy Ethereum 220,097 ( -2.8% ) Buy XRP 188 ( -3.36% ) Buy 'Trump Media is focused on acquiring great assets, and this deal will give us the financial freedom to implement the rest of our strategies,' Trump Media Chief Executive Officer Devin Nunes said in the statement announcing the deal. The deal gives the company more than $3 billion in liquid assets and gives shareholders exposure to Bitcoin, Nunes said. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » The zero-coupon convertible bonds are due in 2028 and have a conversion price of $34.72 per share. Trump Media originally planned to raise as much as $2.5 billion from the deal, the earlier announcement showed. Live Events The transaction adds to a slew of US equity-linked deals in May, led by DoorDash Inc.'s $2.5 billion offering less than a month after sealing a pair of M&A transactions, and Uber Technologies Inc. raising $1.2 billion from a security exchangeable into its shares of self-driving truck firm Aurora Innovation Inc. Both transactions were upsized from their original amount, even though they offered no coupons. The common stock offering joins a surge in sales of new and existing shares in already-public US companies. The volume totals more than $25 billion this month, nearly matching December's $25.3 billion haul, according to data compiled by Bloomberg. and Anchorage Digital will provide custody for Trump Media's Bitcoin treasury, while Yorkville Securities and Clear Street are acting as lead placement agents for the offerings. ETMarkets WhatsApp channel )
Time of India
3 days ago
- Business
- Time of India
Vance urges crypto industry to stay involved in politics as he touts Trump administration's record
Vice President JD Vance praised the cryptocurrency industry Wednesday and urged it to remain active in U.S. politics and policymaking, highlighting the Trump administration 's close ties to a deep-pocketed industry that's become a powerful force in Washington. Speaking at a bitcoin conference in Las Vegas, Vance urged the crypto executives and enthusiasts to keep pressure on Congress to pass pro-crypto legislation supported by the White House. "We have a once-in-a-generation opportunity to unleash innovation and use it to improve the lives of countless American citizens," Vance said in his address. "But if we fail to create regulatory clarity now, we risk chasing this $3 trillion industry offshore in search of a friendly jurisdiction." Crypto Tracker TOP COIN SETS DeFi Tracker 7.67% Buy Smart Contract Tracker 0.99% Buy BTC 50 :: ETH 50 0.75% Buy Web3 Tracker -3.31% Buy NFT & Metaverse Tracker -4.91% Buy TOP COINS (₹) Ethereum 236,402 ( 4.71% ) Buy BNB 58,857 ( 0.58% ) Buy Tether 86 ( -0.05% ) Buy XRP 197 ( -0.19% ) Buy Bitcoin 9,261,838 ( -0.52% ) Buy Vance's speech comes after Trump promised to make the U.S. the "crypto capital of the planet" when he addressed the same bitcoin conference in Nashville last year in the middle of the presidential campaign. The crypto industry, which felt unfairly attacked by the Biden administration, spent heavily to help Trump and pro-crypto lawmakers win election. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Vance praised how quickly the crypto industry was able to organize and influence U.S. politics during last year's election, giving special credit to Cameron and Tyler Winklevoss , the billionaire founders of the crypto exchange Gemini. Live Events "You chose to speak up and you chose to get involved and I believe you changed the direct trajectory of our country because of it," Vance told the crowd gathered at the Venetian Hotel. Vance hailed crypto as a hedge that can help conservative populists protect themselves against bad politicians, overly aggressive regulators and unethical elites. He predicted its continued assimilation into the financial mainstream and said it was strategically important for the U.S. to be a world leader in the industry, noting that the Chinese government is hostile to crypto. Vance also touted the Trump administration's record at fulfilling the campaign promises made last year. As president, Trump has established a strategic bitcoin reserve for the federal government and pardoned Ross Ulbricht, the founder of Silk Road, a black market website that was key to the early growth of bitcoin. Trump has also staked his administration with outspoken crypto backers while his administration has undone or paused several enforcement actions taken against large crypto companies. Several other Trump officials are speakers at the bitcoin conference, as are his sons Don Jr. and Eric. The president and his family's use of crypto as a platform to make money for the Trump brand has drawn criticism from Democrats and even crypto enthusiasts as corrupt and unseemly. The Trump family holds about a 60% stake in World Liberty Financial , a crypto project that recently launched its own stablecoin, a fast-growing form of cryptocurrency whose values is often tied to the U.S. dollar. The U.S. Senate advanced legislation earlier this month that creates a federal framework to regulate stablecoins , a bill that Vance said the Trump administration wants passed into law quickly. Trump's media company announced Tuesday that it was raising $2.5 billion to buy bitcoin, the world's oldest and most popular cryptocurrency. The president and the first lady have also launched their own meme coins, with Trump recently attending a dinner for some of his coins' biggest investors. Eric and Don Jr., who are running the Trump Organization while their father is president, have also recently announced they are partnering with an existing firm to create a crypto mining company. They also spoke at the conference Wednesday, where they criticized the traditional banking system and heaped praise on crypto and their supporters in the audience. "I'm not sure if we would have won in the same decisive manner had it not been for this incredible community," Eric Trump said.
Time of India
4 days ago
- Business
- Time of India
Trump Media to raise $2.5 billion to invest in bitcoin
Trump Media and Technology Group will raise about $2.5 billion to invest in bitcoin, U.S. President Donald Trump 's social media firm said on Tuesday, as it looks to diversify its revenue streams with a push into the financial sector. The company is raising the funds by selling $1.5 billion in stock at its last closing price and $1.0 billion in convertible notes priced at a 35% premium, it said in a statement. The bitcoin will be held on Trump Media's balance sheet alongside existing cash and short-term investments totaling $759 million as of the end of the first quarter. Crypto platforms Anchorage Digital and will provide custody for the bitcoin holdings. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Crypto Tracker TOP COIN SETS DeFi Tracker 6.63% Buy AI Tracker 6.12% Buy Crypto Blue Chip - 5 2.18% Buy NFT & Metaverse Tracker 0.15% Buy Web3 Tracker -3.04% Buy TOP COINS (₹) Ethereum 227,055 ( 4.27% ) Buy BNB 58,814 ( 2.74% ) Buy XRP 200 ( 0.63% ) Buy Bitcoin 9,394,483 ( 0.62% ) Buy Tether 85 ( 0.31% ) Buy "We view bitcoin as an apex instrument of financial freedom," Trump Media CEO Devin Nunes said, hailing the move as a "big step forward" in the company's plan to acquire "crown jewel assets consistent with America First principles ". Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Shares of the company behind Truth Social, a streaming and social media platform, were down 6% in early trading. Live Events Trump Media has been exploring potential mergers and acquisitions as it aims to diversify into financial services. Last month, it reached a binding agreement to launch various retail investment products, including crypto and exchange-traded funds aligned with Trump's America First policies. The Trump family, long rooted in skyscrapers and country clubs, has 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. But the crypto push has attracted scrutiny from lawmakers, including Democratic Senator Elizabeth Warren, who last month asked the U.S. securities regulator about its plans to supervise ETFs due to be launched by Trump Media.
Time of India
4 days ago
- Business
- Time of India
Crypto Prices Today: Bitcoin slips below $110,000 amid profit booking; Altcoins fall up to 5%
Bitcoin and other major cryptocurrencies were trading lower on Tuesday, reflecting cautious sentiment among traders despite continued institutional interest in the digital asset space. As of 12:49 PM IST, Bitcoin dropped 0.7% to $1,09,153, after briefly touching a high of $110,376. Ethereum also edged lower, down 0.11% to $2,583. The global cryptocurrency market capitalisation declined by 1% to $3.42 trillion, according to CoinMarketCap. 'Bitcoin briefly reclaimed the $110,000 mark before seeing some profit-taking at higher levels,' said Alankar Saxena, Co-founder and CTO of Mudrex. He added that despite the dip, market makers remain confident as Bitcoin options trade at a negative 6%—a pattern typically seen in bullish conditions. BTC faces resistance at $111,000 and support around $105,200, he noted. Crypto Tracker TOP COIN SETS DeFi Tracker 8.39% Buy Smart Contract Tracker 3.01% Buy BTC 50 :: ETH 50 2.95% Buy NFT & Metaverse Tracker 1.24% Buy Web3 Tracker -3.41% Buy TOP COINS (₹) Ethereum 222,755 ( 1.47% ) Buy BNB 58,108 ( 1.3% ) Buy Tether 85 ( 0.42% ) Buy Bitcoin 9,359,964 ( -0.03% ) Buy XRP 197 ( -1.53% ) Buy Shivam Thakral, CEO of BuyUcoin, echoed the sentiment, saying, 'The reason for the current dip might be profit booking by short-term traders who liquidated their positions to create fresh ones.' Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Despite the short-term weakness, analysts pointed to sustained institutional interest. Vikram Subburaj, CEO of Giottus, noted that while Bitcoin triggered $185 million in long liquidations on Binance in the past week, 'spot ETF inflows remain strong' and options data 'point to a market driven by demand and not leverage.' Live Events 'Recent moves like Strategy's $427 million Bitcoin purchase and JPMorgan opening access to Bitcoin ETFs signal growing institutional conviction,' he added. Delta Exchange Research Analyst Riya Sehgal also highlighted continued ETF inflows. 'Bitcoin's uptrend remains intact with higher highs and higher lows. The market is consolidating near the $110,000 level, awaiting a decisive breakout or breakdown. Meanwhile, Ethereum is range-bound between $2,450 and $2,750,' she said. Altcoins traded broadly in the red. Solana dropped 2.2%, Cardano 1.2%, Dogecoin 1.4%, Sui 5.2%, Avalanche 1.6%, XRP 2.6%, and Hyperliquid 4.4%. Bitcoin's dominance rose to 63.2%, with its market cap at $2.169 trillion. Daily trading volume, however, jumped 10.6% to $49.19 billion. Adding to the cautious sentiment, traders are monitoring macro developments such as the delayed U.S. tariffs on EU imports and potential crypto regulations. 'The U.S. Senate is expected to vote on the GENIUS Act, which could influence innovation in the sector,' said Thakral. FTX's second round of repayments could also inject liquidity into the market, potentially boosting trading activity.
Time of India
24-05-2025
- Business
- Time of India
Bad Week for Wall Street's Old Guard as Crypto Burns the Haters
To many on Wall Street, it's still heresy. An asset born from anti-establishment myth, tainted by fraud and bad actors, not only survives — it thrives. Never mind the endless grift, exchange hacks , and more. And yet this week, as the Treasury market rebelled against Donald Trump's 'big beautiful bill' — bringing the equity market rebound to a halt — crypto looked like the adult in the room. While stocks, government bonds and corporate credit sold off on fiscal fears , Bitcoin rallied almost 5% amid a market pattern with no real precedent. Another insult to orthodoxy: crypto deepened its institutional street cred as DC policymakers normalised dollar-linked tokens for mainstream use. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trekking pants for mountain sports and adventure travel Trek Kit India Shop Now Undo Treasuries — long the ballast of diversified portfolios — proved a big loser in a week marked by rising fears of fiscal profligacy. By contrast, Bitcoin briefly surpassed $112,000 for the first time, poised for its sixth weekly gain in seven. Crypto Tracker TOP COIN SETS DeFi Tracker 10.22% Buy BTC 50 :: ETH 50 4.03% Buy Smart Contract Tracker 3.44% Buy NFT & Metaverse Tracker 3.20% Buy Web3 Tracker 0.77% Buy TOP COINS (₹) Tether 85 ( -0.67% ) Buy Bitcoin 9,206,592 ( -3.01% ) Buy BNB 56,774 ( -3.6% ) Buy XRP 199 ( -5.35% ) Buy Ethereum 216,949 ( -6.0% ) Buy None of this is to say Bitcoin is safe or a reliable diversifier. But facts are facts. Allocators are starting to believe, with the largest ETF tracking the world's original digital currency nabbing $10 billion this year. Like it or not, the number keeps going up. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » 'It's hard to keep fighting it, or at least not acknowledging it as a viable asset class,' said Rich Weiss, the 65-year-old chief investment officer for multi-asset strategies at American Century Investment Management. 'Maybe that's enough to get haters like me to jump on the train because in our business, you cannot fight the tape forever.' Live Events It was a week that losses piled up across old-school markets — stocks, bonds and credit posted the worst synchronised selloff since March, going by the major exchange-traded funds tracking them. The dollar slipped, on course for a fifth straight monthly decline — the worst streak in almost five years. Traders instead flocked to an asset whose connection to the economic cycle is tenuous. Bloomberg That may have been a virtue this week. Bond yields rose globally — 30-year rates touched 5.09% — amid concern that sovereign finances are being stressed by President Trump's push for deglobalization. In the US, fears were fanned by a poorly received 20-year bond auction, Moody's downgrade of the country's credit rating and House passage of a multi-trillion-dollar tax plan few see doing much to tame the deficit. 'It's the initial rumblings. It's the market warning the US government that something has to change,' said David Schassler, head of multi-asset solutions for investment manager VanEck. 'If we're going to be in a situation where there's going to be a flight out of the dollar, fixed income and stocks at the same time, then you want to bias your portfolio towards decentralised assets.' Crypto isn't subverting the political or financial system. It's getting plugged in through legislation, ETFs, custodians, model portfolios, and more. And that's fueling faith in digital assets as a strategic allocation. Also read: India's Defence Renaissance: Riding the next wave of growth As stablecoin legislation advanced in Congress and Trump welcomed meme-coin enthusiasts to a private dinner in Washington, Bitcoin rose five straight days before paring gains Friday. The online currency is now up 16% in 2025, compared with losses of around 1% in the S&P 500 and 3% in the iShares ETF (TLT) tied to long-dated Treasuries. This week marked the second time in a month that Bitcoin rallied while traditional asset classes retreated — a cluster of divergences with no precedent in Bloomberg's dataset going back to 2010. Particularly notable was the parting in prices between crypto and equities, which tend to reflect similar risk appetites, according to Owen Lamont, a portfolio manager at Acadian Asset Management. With stock investors in retreat — perhaps anticipating higher inflation and borrowing costs courtesy of Trump's tax policy — Bitcoin sailed along, reaching levels that some see as unsustainable. 'It's like there's a crypto thing, which is crazy, and the US stock market, which is like pretty normal,' Lamont said. 'It is indisputable that we have an extremely high policy uncertainty. And policy uncertainty is not generally a good thing for the stock market or the economy.' The split in sentiment was also visible in the ETF space. Crypto enthusiasts continued to pile in, with BlackRock Inc.'s iShares Bitcoin Trust ETF (IBIT) luring more than $2 billion of fresh money during the week through Thursday. Over the same stretch, traders pulled back from the riskier edges of the stock market, as ProShares' triple-leveraged Nasdaq 100 ETF (TQQQ) — a popular vehicle among day traders — saw sharp outflows amid a broader retreat from aggressive equity bets. Bloomberg Flows into crypto may reflect a broader belief: that investors must look further afield for gains, as larger public markets show their age. Wealthy investors are pouring hundreds of billions of dollars into private and illiquid assets after a 16-year bull market in stocks that has taken valuations to the highest since the dot-com bubble. Momentum behind digital-asset adoption is building. A Bloomberg analysis of regulatory filings shows that over the past year, the number of institutional investors — ranging from family offices and endowments to hedge funds and pensions — engaged in IBIT has doubled. Also read: Short covering spurs relief rally, but even bulls may need caution As for American Century's Weiss, he's still on the sidelines for now, deterred by Bitcoin's notorious volatility and lack of intuitive valuation methods. 'You have to have a risk tolerance level in the short term like Superman to be able to hold onto that thing,' he said. 'To me, it still comes off like something you'd want to put in your gambling portfolio, not necessarily your retirement money.' Yet while still heresy to many, this week it held up. And in a market built on belief, that behavior may be enough to earn legitimacy.
