Trump Media officially signed a deal worth $2.32 billion to purchase Bitcoin and hold it as a treasury asset.



The company's stock rose by about 5% in trading on Friday.

The deal is one of the largest allocations of financial instruments by a publicly traded company in the investment of the cryptocurrency Bitcoin.

This step is the latest and most ambitious in the company's evolution from a social platform focused on freedom of expression to a leading company in the financial services sector.

The deal includes $1.5 billion in common stock and $1 billion in convertible bonds, with the proceeds allocated for purchasing Bitcoin, which the company will currently hold as a primary treasury asset. The company stated that it has underwriting agreements with about 50 institutional investors, according to CNBC.