President Donald Trump’s media company could soon own $2.5 billion in Bitcoin. On Tuesday, Trump Media announced that it’s working with “approximately 50 institutional investors” to sell and issue $1.5 billion in stock and $1 billion in convertible notes. The company, which operates Truth Social among other services, will be used to establish a large holding of Bitcoin.
Trump Media says Crypto.com and the crypto banking platform Anchorage Digital will provide custody services for the company’s Bitcoin treasury.
”We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” Trump Media CEO Devin Nunes said in the press release. “Our first acquisition of a crown jewel asset, this investment will help defend our Company against harassment and discrimination by financial institutions.”
Trump Media announced a fintech subsidiary named Truth.fi earlier this year, and the Trump family is behind crypto startup World Liberty Financial, which has collected millions in deals The New York Times concluded “eviscerated the boundary between private enterprise and government policy.”
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