#TrumpBTCTreasury
The Trump Media & Technology Group (TMTG), a public media company controlled by the family of the U.S. president, announced a plan to purchase $2.5 billion worth of Bitcoin on Tuesday.
The company, which operates Trumpโs social media platform "Truth Social," will raise the necessary funds for the purchases through a $1.5 billion stock offering and $1 billion in debt financing to 50 undisclosed institutional investors, according to a statement released on Tuesday.
The $2.5 billion, which at the current Bitcoin price of $110,000 equates to over 22,500 tokens, will be used to create a "Bitcoin treasury," according to the company. A Bitcoin treasury is a stockpile of cryptocurrency held by a government or company for the long term, often to diversify the entity's assets and hedge against inflation.
Devin Nunes, CEO of TMTG and former congressman, said in the statement: "We see Bitcoin as a peak tool for financial freedom, and now Trump Media will hold the cryptocurrency as a core part of our assets."
TMTG's investment will make it the third-largest company to own Bitcoin, behind Michael Saylor's Strategy with $63 billion in Bitcoin and cryptocurrency mining company MARA with $5 billion in Bitcoin.
