President Donald Trump’s media company said Tuesday that institutional investors will buy $2.5 billion in the company’s stock with the proceeds going to build up a bitcoin reserve.
About 50 institutional investors will put up $1.5 billion in the private placement for common shares in the company and another $1 billion 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 U.S. firms,” said Trump Media CEO and Chairman Devin Nunes in prepared remarks.
Shares of Trump Media & Technology Group Corp., based in Sarasota, Fla., tumbled 9%
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 swanky dinner luxury golf club in Northern Virginia, spurring accusations that the president was mixing his duties in the White House with personal profit.
Zaloguj się, aby dodać komentarz
Inne posty w tej grupie
The internet wasn’t born whole—it came together from parts. Most know of ARPANET, the internet’s most famous precursor, but it was always limited strictly to government use. It was NSFNET that bro
Closed, it looks pretty much like any other laptop manufactured in 1995.
To be sure, it’s more compact than most—making it, in the parlance of the day, a subnotebook. But it’s still comi
Closed, it looks pretty much like any other laptop manufactured in 1995.
To be sure, it’s more compact than most—making it, in the parlance of the day, a subnotebook. But it’s still comi
IShowSpeed and Jynxzi are teaming up to host a $100,000 Fortnite tournament, bringing together 100 top creators for what’s shaping up to be the biggest celebrity Fortnite match to date.
Mark Zuckerberg said on Monday that Meta Platforms would spend hundreds of billions of dollars to build several massive
Meta may not currently lead the race for AI superintelligence, but it&
