Trump Media and Technology Group (NASDAQ:DJT), the social media company affiliated with former U.S. President Donald Trump, announced that it will raise approximately $2.5 billion to invest in Bitcoin as part of its efforts to diversify its revenue streams.
The company stated in a statement on Tuesday that it will raise this amount by selling shares worth $1.5 billion at the last closing price, along with issuing $1 billion in convertible bonds at a price equivalent to a 35% premium on the market price.
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Bitcoin on the balance sheet
Bitcoin is set to be included in the balance sheet of Trump Media alongside cash and existing short-term investments totaling $759 million at the end of the first quarter of the year. The platforms Anchorage Digital and Crypto.com will be responsible for the company’s digital asset custody.
Trump Media's CEO, Devin Nunes, stated: "We see Bitcoin as a sovereign tool for financial freedom," adding that this move represents a "significant advancement" in the company’s plan to acquire "core assets that align with America First principles."
