Donald Trump’s media organization is on the verge of acquiring $2.5 billion in Bitcoin. On Tuesday, Trump Media announced that it is collaborating with around 50 institutional investors to raise $1.5 billion through stock sales and an additional $1 billion via convertible notes. The company, which operates the social media platform Truth Social along with other services, aims to build a substantial Bitcoin holding.
To facilitate the management of its Bitcoin treasury, Trump Media has partnered with Crypto.com and Anchorage Digital, a cryptocurrency banking platform, for custodial services.
Devin Nunes, CEO of Trump Media, stated in a press release, “We see Bitcoin as a paramount instrument of financial freedom, and integrating cryptocurrency into our asset portfolio is essential. This initial acquisition of a significant asset will help protect our company against the harassment and discrimination we face from financial institutions.”
Earlier this year, Trump Media introduced a fintech subsidiary named Truth.fi, and the Trump family is also involved in the crypto startup World Liberty Financial, which has secured millions in funding. A report from The New York Times noted that these ventures blur the lines between private enterprise and government policy.
