Trump Media to raise $2.5bn to invest in Bitcoin | Crypto News
Trump Media says the money will be used to create a ‘Bitcoin treasury’.
The Trump Media and Technology Group will raise about $2.5bn to invest in Bitcoin, United States President Donald Trump’s social media firm says, as it looks to diversify its revenue streams with a push into the financial sector.
The company is raising the funds by selling $1.5bn in stock at its last closing price and $1bn in convertible notes priced at a 35 percent premium, it said in a statement on Tuesday. The money will be used to build a “Bitcoin treasury”, the company said.
The Bitcoin will be held on Trump Media’s balance sheet alongside existing cash and short-term investments totalling $759m at the end of the first quarter. Crypto platforms…
