Latest news with #DevinNunes
Yahoo
a day ago
- Business
- Yahoo
Trump Media eyes Bitcoin reserve with €2.3 billion investor backing
About 50 institutional investors will put up $1.5 billion (approximately €1.38bn) in the private placement for common shares in the company and another $1 billion (around €920 million) for convertible senior notes, according to Trump Media and Technology Group, the operator of Truth Social and other companies. Trump Media said it intends to use the proceeds for the creation of a 'bitcoin treasury.' 'This investment will help defend our company against harassment and discrimination by financial institutions, which plague many Americans and US firms," Trump Media CEO and Chairman, Devin Nunes, said in prepared remarks. Shares of Trump Media & Technology Group Corp., based in Sarasota, Fla., tumbled 9% following the update. Other companies have adopted similar strategies through cryptocurrency. Cloud and mobile software developer MicroStrategy Inc. has built up a treasury reserve containing billions worth of bitcoin through stock sales and debt financing. Trump, who referred to cryptocurrencies in his first term as 'not money,' citing volatility and a value "based on thin air," has shifted his views on the technology. During an event at his Mar-a-Lago club in Florida during his presidential campaign in May 2024, Trump received assurances that crypto industry backers would spend lavishly to get him reelected. Last week, Trump rewarded 220 of the top investors in one of his other cryptocurrency projects — the $Trump meme coin —with a dinner at a luxury golf club in Northern Virginia, spurring accusations that the president was mixing his duties in the White House with personal profit. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤
Yahoo
2 days ago
- Business
- Yahoo
Trump Media Raises $2.5B for Bitcoin Treasury Strategy
Trump Media and Technology Group Corp. (DJT) announced a $2.5 billion fundraise from institutional investors to create one of the largest Bitcoin treasury allocations by a public company, according to a press release. The company entered subscription agreements with approximately 50 institutional investors for $1.5 billion in common stock and $1 billion in convertible notes, according to the filing. DJT shares fell 10% following Tuesday's announcement and dropped another 1.9% as of midday Wednesday. The Bitcoin treasury strategy represents Trump Media's expansion from a social media platform into financial services, positioning the company to capitalize on cryptocurrency adoption while building reserves outside traditional banking systems. The offering is expected to close May 29, according to the company. Trump Media intends to use proceeds entirely for Bitcoin purchases, which will be held alongside $759 million in existing cash and short-term investments as of the first quarter. CEO Devin Nunes called Bitcoin an "apex instrument of financial freedom" in the announcement. The move aims to "defend our Company against harassment and discrimination by financial institutions," according to Nunes. and Anchorage Digital will provide custody services for the Bitcoin holdings, according to the filing. The same partnership recently enabled Trump Media's planned exchange-traded fund launch through its brand. Read More: Trump Media and Team Up for ETF Launch The fundraising follows Trump Media's broader financial services push, including trademark filings for three ETFs under the Made in America ETF, the U.S. Energy Independence ETF and the Bitcoin Plus ETF. Those funds will combine digital assets with "Made in America" securities across multiple sectors. The company plans to invest up to $250 million of its own reserves into these products through Charles Schwab as custodian, according to previous filings. Bitcoin custody will be split between and Anchorage Digital. Trump Media operates the Truth Social and Truth+ streaming platforms alongside its expanding financial brand. The company reported $3.6 million in revenue and a $400 million net loss in 2024, according to CNBC. The Bitcoin allocation joins a growing trend of politically aligned businesses converting corporate treasuries to cryptocurrency. Michael Saylor's Strategy Inc. (MSTR) popularized the strategy, holding over $40.6 billion in Bitcoin as of May 25, according to a company | © Copyright 2025 All rights reserved
Yahoo
2 days ago
- Business
- Yahoo
Trump Media announces $2.5B deal to create bitcoin treasury
The Trump Media and Technology Group on Tuesday announced a $2.5 billion deal with institutional investors to create a bitcoin treasury. The company said in a release that the deal, which is expected to close by about Thursday, May 29, will feature a $1.5 billion stock issuance as well as $1 billion in convertible notes. The $2.5 billion deal is being carried out through a private placement offering and will finance the creation of the bitcoin treasury. Trump Media is the parent company of social media app Truth Social. "We view bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets," said Trump Media CEO Devin Nunes. Trump Media And Partner On Etf Offerings Nunes explained that the company views the cryptocurrency treasury as a way to secure Trump Media from financial institutions that could harass or discriminate against the firm. Read On The Fox Business App "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 U.S. firms, and will create synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+," Nunes said. "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," Nunes added. Trump Media Shares Surge After Company Announces Expansion Into Financial Services and Anchorage Digital will provide custody services for Trump Media's bitcoin treasury. Trump Media stock declined about 10% during the trading session as of Tuesday morning. In January, Trump Media announced plans to launch which will offer financial services and products, including multiple investment vehicles, that it said will be rolled out this year. Trump Media in March partnered with to offer exchange-traded funds (ETFs), including ETFs focused on digital assets and a basket of cryptocurrencies, including article source: Trump Media announces $2.5B deal to create bitcoin treasury 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
Finextra
2 days ago
- Business
- Finextra
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. 0 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. 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.
Epoch Times
2 days ago
- Business
- Epoch Times
Trump Media to Raise $2.5 Billion for Bitcoin Treasury
Trump Media & Technology Group (TMTG) said on Tuesday that institutional investors will purchase $2.5 billion in the company's stock, with the proceeds going toward a bitcoin reserve. The deal comprises $1.5 billion in common stock and another $1 billion in convertible notes priced at a 35 percent premium, according to a Bitcoin will be held on TMTG's balance sheet alongside existing cash, cash equivalents, and short-term investments totaling $759 million as of the end of the first quarter of 2025, according to the statement. TMTG said it has subscription agreements with approximately 50 institutional investors and that the proceeds have been earmarked for the creation of a 'Bitcoin treasury.' Crypto platforms Anchorage Digital and will provide custody for the treasury, the company said. Along with social media platform Truth Social and the streaming platform Truth+, TMTG also operates financial services platform Related Stories 5/1/2025 3/26/2025 In March, TMTG 'We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,' TMTG CEO and Chairman Devin Nunes said in Tuesday's statement. The former congressman said the investment will help defend the company against 'harassment and discrimination by financial institutions,' behavior he said plagues 'many Americans and U.S. firms.' The investment will 'create synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+,' Nunes said. '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.' Shares of the company were up by 2.47 percent as of early Wednesday morning but have declined by more than 53 percent over the past 12 months. Trump Admin Touts Digital Assets The announcement comes as the Trump administration continues to embrace digital assets, which Trump widely touted throughout his 2024 election campaign. In 2019, however, he In January, Trump signed an The group will comprise several senior officials, including the secretary of the treasury and the secretary of homeland security, and will be chaired by David Sacks, the White House's special adviser for artificial intelligence and crypto, according to the order. It will be tasked with proposing a 'federal regulatory framework governing the issuance and operation of digital assets, including stablecoins,' the order stated. Trump's order said that the digital asset industry 'plays a crucial role in innovation and economic development in the United States, as well as our Nation's international leadership.' In March, Trump also That announcement prompted pushback from Sen. Elizabeth Warren (D-Mass.), who said it 'triggered a surge in crypto prices before a sharp drop, raising concerns about possible market manipulation and insider trading.' In a March In April, Warren also 'All SEC decisions and actions involving TMTG and President Trump's financial interests should be carefully managed to ensure that they are free from undue political interference and influence from the President and his administration,' Warren said. The Epoch Times contacted the White House for comment but did not receive a response by publication time.
