The Daily: Trump Media plots $2.5 billion corporate bitcoin treasury, Cobie's ICO platform Sonar goes live, and more
Happy Tuesday! All eyes are on Bitcoin
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2025 this week, with hopes that fresh announcements can propel the top cryptocurrency to another all-time high. But if the news underwhelms, the dreaded event curse could drag prices back down again.
In today's newsletter, Trump Media launches a corporate bitcoin treasury strategy with a $2.5 billion offering, Cobie's ICO platform Sonar goes live with Plasma seeking $50 million, Standard Chartered sees Solana
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reaching $500, and more.
Meanwhile, Ethereum validators begin signaling another gas limit boost.
Trump Media plots $2.5 billion corporate bitcoin treasury
Trump Media and Technology Group is launching a corporate bitcoin treasury backed by a $2.5 billion private placement from around 50 institutional investors.
The raise includes $1.5 billion in common stock and $1 billion in convertible notes priced at a 35% premium.
The company, which operates the social media platform Truth Social and the FinTech brand Truth.Fi, said it plans to add bitcoin to its balance sheet alongside $759 million in existing cash, cash equivalents, and short-term investments.
Anchorage Digital and Crypto.com will provide custody services for Trump Media's bitcoin holdings.
Trump Media previously denied a Financial Times report on Monday claiming it planned a $3 billion crypto raise, calling the journalists "dumb writers listening to even dumber sources."
"We view bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets," Trump Media CEO and Chairman Devin Nunes said on Tuesday$BTC
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