Trump Media to Raise $2.5 Billion to Buy Bitcoins.
Trump Media invests $2.5 billion in bitcoins after stock and tax value drop
Trump Media & Technology Group has entered into an agreement to sell shares worth $1.5 billion and issue convertible bonds for $1 billion to purchase bitcoins for its corporate treasury, Bloomberg reports. This came after the company's shares lost 9.8% of their value following a rise amid news of its plans to invest in cryptocurrency.
In addition to Trump Media, PSQ Holdings, where President Donald Trump Jr.'s son sits on the board, also announced its strategy regarding digital assets in its corporate treasury. Both companies adopt a MicroStrategy-like approach by selling shares and issuing debt instruments to acquire bitcoin.
The deal with Cantor Fitzgerald & Co., which serves as a financial advisor, is part of the company's strategy to expand its business. Trump Media's plans include entering the brokerage account market and launching an ETF. The investment in bitcoin has become part of a broader trend among corporations utilizing cryptocurrency to preserve value and protect against inflation.
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