Trump Media to raise $2.5 billion to invest in bitcoin
May 27 (Reuters) - Trump Media and Technology Group (DJT.O), opens new tab will raise about $2.5 billion to invest in bitcoin, U.S. President Donald Trump's social media company said on Tuesday, as it looks to diversify its revenue.
The company is raising the funds by selling $1.5 billion in stock at its last closing price and $1 billion in convertible notes priced at a 35% premium, it said in a statement.
We view bitcoin as an apex instrument of financial freedom," Trump Media CEO Devin Nunes said, hailing the move as a "big step forward" in the company's plan to acquire "crown jewel assets consistent with America First principles."
Shares of the company behind Truth Social, a streaming and social media platform, were down 8%.
The move is part of a recent trend of public companies adding bitcoin and other cryptocurrencies to their balance sheets to capitalize on rising token prices as the Trump administration embraces digital assets.
