Latest news with #TrumpMediaandTechnologyGroup
Yahoo
21 hours ago
- Business
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Trump Media Has $2.3B in Bitcoin Buying Power After Closing Capital Raise
Trump Media and Technology Group (DJT), the operator of Truth Social, said on Friday it has closed a $2.44 billion fundraising deal to establish a bitcoin BTC treasury. DJT shares erased early morning losses and were up 5.6% on the day following the news. The company sold nearly 56 million shares at $25.72 apiece and issued $1 billion in 0% convertible notes maturing in 2028, according to a press release. Some 50 institutional investors subscribed to the offering. The placement was led by Yorkville Securities and Clear Street, with Cantor Fitzgerald serving as financial advisor. The firm said it will direct the net proceeds of $2.32 billion to purchase BTC for its treasury, with and Anchorage Digital providing custody services. The move adds the company to a growing list of publicly-traded firms that have raised capital for adding crypto assets like bitcoin to their balance sheet, a playbook pioneered by Michael Saylor's Strategy (MSTR). The software firm has become the world's largest corporate holder of the leading crypto asset, accumulating over $60 billion in BTC by financing the purchases via a combination of equity and debt issuances. Trump Media shared plans earlier this year to launch a financial services platform focusing on crypto and customized exchange-traded funds. It also said it wants to partner with crypto exchange to launch the ETF products.
Yahoo
2 days ago
- Business
- Yahoo
Trump's sons send a strong message from Las Vegas
Trump's sons send a strong message from Las Vegas originally appeared on TheStreet. The Trump family is well-known for its involvement with several crypto businesses. President Donald Trump himself has pursued an aggressive pro-crypto policy during his second term, the most crucial step being his order to create a strategic Bitcoin reserve and digital assets stockpile. Now that Bitcoin 2025, arguably the largest crypto gathering in the world, takes place in Las Vegas, the Trump family just had to be there. Trump's two eldest sons, Donald Jr. and Eric, took the stage at the conference on May 28 and didn't hold back on any questions. When asked what minimum price Bitcoin could hit by 2026, Eric responded, "The Moon!" Eric clarified that he expected Bitcoin to hit at least $170,000 by 2026. Trump Jr. expected the king coin to hit the price target of $150,000-$175,000 by 2026. 'We are bringing Bitcoin to America, and America is going to win the crypto revolution,' Eric added. He also made mention of the Trump Media and Technology Group's (Nasdaq: DJT) recent announcement to raise $2.5 billion to create a corporate Bitcoin treasury. There is a lot of demand for Bitcoin among companies but the supply is limited, Eric pointed out. Crypto makes everything cheaper, faster, safer, and more transparent, he continued. "It makes the whole system more functional." Vice President J.D. Vance also made it to the event in America's party capital a day earlier, where he talked about the Trump administration's pro-crypto approach. He also confessed to owning "a fair amount of Bitcoin." The Trump family is engaged with or backs multiple crypto ventures, such as the much-publicized meme coins, crypto exchange-traded funds (ETFs), the World Liberty Financial project, and USD1 stablecoin. The First Family's deep involvement with such ventures has raised questions about potential conflicts of interest. Trump's sons send a strong message from Las Vegas first appeared on TheStreet on May 29, 2025 This story was originally reported by TheStreet on May 29, 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
Yahoo
3 days 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
3 days ago
- Business
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JD Vance calls on bitcoin ‘digital pioneers' to continue political involvement
Vice President JD Vance called bitcoin investors at the annual crypto conference 'digital pioneers' and asked for their continued involvement in the political world. 'The people in this room are the digital pioneers of the American economy, and that's why our administration is doing something a little unusual in Washington,' Vance said Wednesday. 'We're listening to all of you as you blaze the trail of innovation.' Vance's remarks at the Las Vegas conference come as the Trump administration continues its efforts to build relationships with the cryptocurrency industry, particularly after Vance and President Donald Trump received support from Silicon Valley during their 2024 campaign. 'I know that a lot of people in 2024 in this community chose voice. 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,' the vice president said. 'The first thing that I ask you is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond,' he said. 'Don't ignore politics, because I guarantee you, my friends, politics is not going to ignore this community, not now and not in the future.' He also called for the community to begin 'long-term strategic' thinking about Bitcoin's implications on the millions of Americans who invest in the product and urged investors to pay attention to artificial intelligence developments. Bitcoin, a form of digital currency, also called cryptocurrency has gained significant popularity among investors in recent years. Bitcoin and other cryptocurrencies allow entities to transfer value online without the need for a middleman like a bank or payment processor. Since its inception in 2009, bitcoin has gained broader interest from investors and its price saw an all-time high in late 2024. Vance said he and Trump believe that cryptocurrency will be a 'strategically important asset' for the United States over the next 10 years, citing the bitcoin reserve promised by Trump's media company. Trump Media and Technology Group, which is a parent company to Trump's Truth Social, shared this week that investors will buy $2.5 billion in the company's stock and the proceeds will create the bitcoin reserve. Vance said Wednesday he still owns a 'fair amount' of bitcoin. According to a widely reported financial disclosure from August 2024, Vance owned $250,000-$500,000 in bitcoin. The vice president called on the investors at the conference to give the administration feedback and to tell them 'the ways in which bitcoin can play a positive role' in the country's strategic future. He highlighted the administration's plans to make 'big progress for this industry' under their leadership. 'We're going to need your help. We're going to need your guidance. We're going to need your encouragement, and at times, yes, because this is politics, our politicians are going to need your pressure,' Vance said. While he expressed confidence in the administration's digital asset policy, Democrats in Congress are concerned there are conflict of interest issues with the administration's continued investment in the crypto world. During his first administration, Trump dismissed crypto as a 'scam,' but reversed course during his recent campaign. Just days into his second term, Trump signed an executive order that promised to make the U.S. the 'crypto capital of the planet.' Vance's remarks Wednesday follow other Trump figures who spoke at the conference, including the president's two sons, Donald Trump Jr. and Eric Trump, as well as Trump campaign manager Chris LaCivita and White House crypto czar David Sacks.
Yahoo
3 days ago
- Business
- Yahoo
Does bitcoin combat bad policy and inflation? What to know about the Trump-Vance stance.
Vice President JD Vance told 35,000 attendees of the Bitcoin 2025 Conference the Trump administration would support them building the industry of digital assets, which he said would protect against bad policies and inflation. Vance said May 28 in Las Vegas the independence of bitcoin opens the financial door for people who lose access to banking because of political beliefs such as supporting gun rights. He vowed the Trump administration wouldn't try to kill the industry through regulation, as he alleged the Biden administration had. 'Crypto is a hedge against bad policymaking from Washington, no matter what party is in control,' Vance said. 'It's a hedge against skyrocketing inflation, which has eroded the real savings rate of Americans over the last four years. As you all know well, it's a hedge against the private sector that is increasingly willing to discriminate against consumers on the basis of their basic beliefs, including their politics.' More: White House summit showcases Trump's favorable treatment of crypto industry Vance's speech came days after President Donald Trump's social media business announced it would raise $2.5 billion to invest in cryptocurrency. His adult sons Donald Trump Jr. and Eric Trump are also pursuing investments. The vice president's speech also came a year after Trump spoke at the same conference, when he pledged to create a national cryptocurrency stockpile if elected back to the White House. He signed an executive order March 6 to create a stockpile. Here's what you need to know about the Trump administration's promotion of and participation in cryptocurrency: Vance credited support from advocates among the 50 million Americans who own bitcoin with helping Trump win the 2024 election. But Vance urged the supporters not to become complacent and to continue to remain involved in politics for the 2026 election and beyond. 'Unless you guys get involved in politics, politics is going to ignore this industry,' Vance said. 'Every victory that we win – it's only a provisional victory.' More: Trump is establishing a U.S. crypto reserve. What is bitcoin again? One of Vance's biggest applause lines was when he said administration had fired Gary Gensler, the former chair of the Securities and Exchange Commission. 'Keep the pressure up," Vance said. "We'll do great things together for our industry but most importantly for the cause of personal freedom and the United States of America." Trump Media and Technology Group, which operates the Truth Social platform, announced May 27 it will raise $2.5 billion to invest in bitcoin to diversify its revenue streams. The company aims to sell $1.5 billion in stock and $1 billion in convertible notes priced at a 35% premium. More: How much money did Trump make in first 100 days? Crypto deals raise questions Bitcoin will be held on Trump Media's balance sheet along with 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. Trump Media CEO Devin Nunes, a former California Republican congressman, called the move a "big step forward" in the company's plan to acquire "crown jewel assets consistent with America First principles." Trump and his family are exploring several crypto options, including Trump NFTs, a meme coin, a recently formed bitcoin producer called American Bitcoin and World Financial Liberty, a platform that offers a stablecoin pegged to the U.S. dollar. Sen. Elizabeth Warren of Massachusetts and four other Democrats questioned financial regulators in April – Federal Reserve vice chair Michelle Bowman and acting comptroller of the currency, Rodney Hood – about how they would oversee 'an extraordinary conflict of interest' in World Liberty Financial controlled by a sitting president and his family. Trump dined May 22 with 220 investors who bought a combined $148 million worth of $TRUMP meme coin, a type of cryptocurrency. The top 25 investors got a private VIP reception and the top four received limited edition Trump Tourbillon watches that sell for $100,000. Critics say the dinner provided a way for the wealthy to influence the president by funneling money to his business. An affiliate of The Trump Organization and the company Fight Fight Fight LLC own 80% of the meme coins, according to the cryptocurrency's website. More: Trump's crypto dinner: Black ties, a Chinese billionaire and ethics questions Sen. Jeff Merkley, D-Oregon, called the dinner "a stunning public display of corruption: The White House and President Trump are selling access to the government for personal profit." Eric Trump and Donald Trump Jr. were also scheduled to speak at the Bitcoin 2025 Conference. The sons announced May 12 their mining company American Bitcoin would be listed on the Nasdaq exchange through an all-stock merger with Gryphon Digital Mining. "Our vision for American Bitcoin is to create the most investable Bitcoin accumulation platform in the market," Eric Trump said in a statement. Contributing: Reuters This article originally appeared on USA TODAY: Why Vance, Trump support bitcoin as hedge against bad policy
