The Trump Media and Technology Group has announced that it is now raising $2.5 billion for its plans to buy cryptocurrency, investing heavily in the top crypto in the market, Bitcoin.
The company revealed that it will create a "Bitcoin Treasury" for them, and it will help diversify their revenue and assets, as well as serve as their massive holdings amidst the rising token prices.
It is known that the Trump Media and Technology Group's majority owner, President Donald Trump, has pushed for the United States' adoption of Bitcoin, offering a boost to the crypto industry earlier this year.
Trump Media to Raise $2.5B to Buy Crypto
In the latest press release by the Trump Media and Technology Group, the company has confirmed that it is raising $2.5 billion for its future endeavors of buying cryptocurrency for its assets. This will be offered in a private placement offering, and it will comprise approximately $1.5 billion in Trump Media common stock, as well as $1 billion in convertible debt to 50 investors.
The news behind this massive investment came after the dinner for the largest investors of the $TRUMP meme coin, with the Financial Times first reporting that the company is planning to raise $3 billion.
According to Trump Media CEO Devin Nunes, this move is a "big step forward" towards the company's plans to acquire "crown jewel assets consistent with America First principles."
Bitcoin Treasury for Trump Media
Trump Media believes that Bitcoin is the "apex instrument of financial freedom," with their main focus centering on creating a "Bitcoin treasury" for the company.
The top coin would be held on Trump Media's balance sheet, and it will join the existing cash and short-term investments that total $759 million as of the end of the first quarter. Anchorage Digital and Crypto.com would be in charge of holding the Bitcoin for Trump Media.
The release claimed that this massive investment would help the company against "harassment and discrimination by financial institutions."
Trump and Cryptocurrency
Back when Donald Trump was campaigning, he tapped into the crypto market for massive support as he expressed that he plans to lobby for wider adoption and regulation in the country. When he won, crypto prices surged exponentially, with Bitcoin achieving a $100,000 valuation, which it lost along the way. However, it slowly climbed back to it again amidst Trump's inauguration.
While crypto's significant growth did not hold steadily, there have been several surges that brought back life and power to its valuation, and this is because of the previous promises of President Trump slowly unfolding.
Last March, Trump unveiled the crypto strategic reserve for the United States, with the likes of Bitcoin, Ethereum, XRP, and more to be part of the country's digital assets.
During the past months, Trump made significant moves for the cryptocurrency industry, including pardoning Silk Road's creator, easing down on regulatory scrutiny for companies, and incorporating digital tokens among programs and services.
That being said, Trump's World Liberty Financial (WLF) also launched a meme coin called $TRUMP for people to invest in and trade.
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