Trump Media and Technology Group (TMTG), a media company founded by Donald Trump that operates Truth Social, reconfirmed a plan to raise funds to invest heavily in Bitcoin.
This move will position TMTG as both a social media service provider and now as a major digital asset holder.
While TMTG previously cast doubt over a Financial Times article which broke the news about the deal, claiming that “the Financial Times has dumb writers listening to even dumber sources”, TMTG press releases have since confirmed that TMTG’s crypto deal will proceed.
Share sale
The company said it is raising the funds to pay for its Bitcoin spree by selling almost $1.5 billion in stock and $1 billion in convertible notes to approximately 50 institutional investors. As the Trump administration’s support for digital assets has grown, several publicly traded companies have also taken efforts to put Bitcoin and other cryptocurrencies on their balance sheets, including GameStop and American financial services firm Cantor Fitzgerald.
In a statement, Trump Media CEO Devin Nunes stated that the deal, “will give us the financial freedom to implement the rest of our strategies.”
Rapid expansion
In what could be a sign of more crypto purchases to come, Nunes continued: “The deal positions Trump Media for the kind of rapid expansion we've always envisioned, and we look forward to advancing even further throughout the America First economy."
While the Trump family has long been associated with real estate and golf courses, in recent months President Trump, his children and business partners have launched themselves headfirst into the world of digital assets.
Their portfolio in crypto has since expanded to include Trump NFTs, a meme coin, a stake in the new bitcoin mining outfit American Bitcoin, and World Liberty Financial, a decentralized platform that also issues a US dollar–pegged stablecoin.
