Trump Media and Technology Group plans to raise $2.5 billion to invest in Bitcoin, marking a major diversification effort for the social media firm behind Truth Social. According to Reuters, the company will raise $1.5 billion via stock sales at its last closing price and $1 billion through convertible notes priced at a 35% premium. The bitcoin will be held alongside $759 million in cash and short-term assets, with Anchorage Digital and Crypto.com managing custody. CEO Devin Nunes called Bitcoin "an apex instrument of financial freedom," aligning with the company’s "America First" strategy. Shares fell 8% on Tuesday.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Trump Media and Technology Group plans to raise $2.5 billion to invest in Bitcoin,
00:07marking a major diversification effort for the social media firm behind TrueSocial.
00:11According to Reuters, the company will raise $1.5 billion via stock sales at its last closing price
00:17and $1 million through convertible notes priced at a 35% premium.
00:21The Bitcoin will be held alongside $759 million in cash and short-term assets,
00:26with Anchorage Digital and Crypto.com managing custody.
00:30CEO Devin Nunez called Bitcoin an apex instrument of financial freedom,
00:34allotting with the company's America First strategy.
00:37Shares fell 8% on Tuesday.
00:39For all things money, visit Benzinga.com slash GSTV.