Trump's media company confirmed raising $2.5 billion to create a bitcoin reserve.
Trump Media and Technology Group (TMTG), associated with Donald Trump's family and owning the social network Truth Social, has signed agreements with about 50 institutional investors for a private placement of $2.5 billion.
The deal includes $1.5 billion in common stock and $1 billion in zero-coupon convertible bonds. The funds raised will be directed by TMTG to establish a bitcoin reserve. CryptoCom and Anchorage Digital services will be used for storing the cryptocurrency. The deal is expected to close on May 29.
The day before, the Financial Times reported that the company plans to create a bitcoin reserve of up to $3 billion. In response to the publication, TMTG stated that "FT has foolish authors relying on even more foolish sources," but the essence of the message has been confirmed.
The price of bitcoin briefly surpassed $110,000 again at the time of the news.
