- Trump Media & Technology Group completed a $2.4 billion fundraising round to establish a Bitcoin treasury.
- The money will be used to purchase Bitcoin and for ongoing company expenses.
- The sale included common stock and convertible notes, attracting around 50 institutional investors.
- Custodians for the Bitcoin assets will be Anchorage Digital and crypto.com/” target=”_blank”>Crypto.com.
- The company continues to increase its involvement in digital assets through recent partnerships and new product launches.
Trump Media & Technology Group announced on Friday that it raised $2.4 billion through the sale of stock and convertible notes. The company plans to use these funds to buy Bitcoin and cover other business costs.
Roughly 50 institutional investors participated in the fundraising, generating $2.32 billion in net proceeds, according to company statements. Devin Nunes, the company’s CEO and Chairman, said in a statement: “Trump Media is focused on acquiring great assets, and this deal will give us the financial freedom to implement the rest of our strategies. It means the company will have more than $3 billion in liquid assets and our shareholders will have exposure to Bitcoin.”
The company explained that all purchased Bitcoin will be stored with Anchorage Digital and Crypto.com. Cantor Fitzgerald, a financial firm, served as the advisor for the fundraising process.
Trump Media is publicly traded and operates Truth Social, a social media platform popular with Donald Trump, the company’s majority shareholder. The new Bitcoin treasury initiative makes Trump Media one of the largest potential Bitcoin holders among public companies, a strategy that other U.S. firms connected to crypto or certain political groups have also adopted.
Recent actions from the company include starting a crypto-focused business division, joining with Crypto.com to offer crypto-related ETFs, and announcing plans for a proprietary token and crypto wallet. In addition, the Trump family has recently launched meme coins, a decentralized finance stablecoin, and a Bitcoin mining firm.
Several public advocacy groups, congressional Democrats, and members of the public have criticized the Trumps’ business activities involving digital assets, citing concerns about conflicts of interest while in office.
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