Trump's Media Startup To Buy $2.5 Billion In Bitcoin Amid His Crypto Push
HuffPost
Trump Media & Technology Group, which owns Truth Social, said it intends to create a “bitcoin Treasury," allowing it to expand into crypto and financial services.
President Donald Trump’s social media startup said it plans to invest $2.5 billion into bitcoin, allowing it to expand into crypto and financial services.
Trump Media & Technology Group (TMTG), which owns Truth Social and the streaming platform Truth+, announced Tuesday that it intends to create a “bitcoin Treasury.” Money for the cryptocurrency’s purchase will be raised by selling company stock and convertible bonds, it said.
“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, the former Republican congressman who also now serves as chair of the president’s Intelligence Advisory Board.
The 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 added.
The deal, which TMTG called “one of the largest Bitcoin treasury deals of any public company,” is expected to close as soon as Thursday, said the company, which Trump has a roughly 57% stake in, according to Forbes.
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