In brief
- Trump Media closed a $2.4 billion sale Friday of stock and convertible notes that it will use to fund a Bitcoin treasury.
- The funds will be used to buy up BTC and for “other general corporate purposes and working capital.”
- The president’s media company has aggressively expanded into crypto via several initiatives in recent months.
Just three days after debuting a multi-billion dollar fundraising plan to purchase Bitcoin, President Donald Trump’s Trump Media & Technology Group announced Friday that it has successfully raised $2.4 billion for its crypto treasury.
The funds were raised via an offering of common stock and convertible senior secure notes, the company said. Roughly 50 institutional investors participated in the sale, which produced $2.32 billion in net proceeds.
Those funds will now be used to create a Bitcoin treasury, and for “other general corporate purposes and working capital,” the company said Friday.
“Trump Media is focused on acquiring great assets, and this deal will give us the financial freedom to implement the rest of our strategies,” Devin Nunes, a former Republican congressman and the company’s CEO and Chairman, said in a statement. “It means the company will have more than $3 billion in liquid assets and our shareholders will have exposure to Bitcoin.”
As Decrypt previously reported, Anchorage Digital and Crypto.com will custody all Bitcoin purchased by the company. Cantor Fitzgerald, a Wall Street firm run until recently by Trump’s Commerce Secretary, Howard Lutnick, acted as financial advisor for today’s announced fundraise.
Trump Media is a publicly traded media and technology company best known for running President Trump’s social media platform of choice, Truth Social. The president is the company’s majority shareholder.
The scale of the firm’s Bitcoin treasury announcement looks poised to make it one of the largest Bitcoin holders among publicly traded Wall Street companies. Stockpiling the world’s top cryptocurrency has become an increasingly popular means of boosting revenue among American corporations, particularly those with existing ties to the crypto industry or right-wing politics.
In recent months, Trump’s media company has gone all in on digital assets, launching a crypto and fintech-focused arm, signing a deal to offer crypto ETFs on Wall Street in collaboration with Crypto.com, and teasing a native token and crypto wallet.
Those moves mirror others taken by Trump and his family, since the president’s return to power, to aggressively expand their exposure to crypto. In the last few months alone, Trump and his wife, Melania, launched a pair of meme coins; the president’s decentralized finance protocol, World Liberty Financial, launched its own stablecoin; and his sons have launched their own Bitcoin mining firm.
The Trumps’ numerous crypto ventures—which the president has not divested from while in office—have attracted growing condemnation from public advocacy groups, congressional Democrats, and the American public over perceived conflicts of interest.
Edited by Andrew Hayward
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