Trump's Media Company Secures $2.5 Billion to Bolster Bitcoin Reserve
President Trump's media company announced institutional investors will invest $2.5 billion in stock and convertible notes to establish a bitcoin reserve. Though previously skeptical about cryptocurrencies, Trump has altered his stance and sought support from the crypto industry for his reelection campaign.
President Donald Trump's media company revealed that it has secured a $2.5 billion investment from institutional investors to bolster a bitcoin reserve. The investments will be split with $1.5 billion from institutional investors for common shares and another $1 billion for convertible senior notes.
The Trump Media and Technology Group, operators of Truth Social, indicated the proceeds are directed towards creating a 'bitcoin treasury.' Although Trump once criticized cryptocurrencies for volatility, he's reportedly shifted his views.
During a 2024 campaign event, Trump amassed financial backing from crypto enthusiasts. Recently, he hosted an extravagant dinner for $Trump meme coin investors, drawing criticism for intertwining presidential duties with personal gain.
(With inputs from agencies.)
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