"Bitcoin Treasury"? Trump targets cryptocurrency reserve with 2.3 billion euro investment!
About 50 institutional investors will invest $1.5 billion (about 1.38 billion euros) in a private placement for common stock in the company and another $1 billion (about 920 million euros) for convertible bonds, according to Trump Media and Technology Group, the operator of Truth Social and other companies.
Trump Media said it intends to use the proceeds to create a "bitcoin treasury."
"This investment will help protect our company against harassment and discrimination by financial institutions, which affect too many Americans and American businesses," said Trump Media CEO and Chairman Devin Nunes.
Shares of Trump Media & Technology Group Corp., based in Sarasota, Florida, fell 9% after the update.
Other companies have adopted similar strategies through cryptocurrency. Cloud and mobile software developer MicroStrategy Inc. has built a treasury holding billions of dollars in bitcoin through stock sales and debt financing.
Trump, who referred to cryptocurrencies in his first term as "not money," citing volatility and a value "based on thin air," has changed his views on the technology.
During an event at his Mar-a-Lago club in Florida during his presidential campaign in May 2024, Trump received assurances that cryptocurrency industry supporters would spend heavily to re-elect him.
Last week, Trump rewarded 220 of the top investors in one of his other cryptocurrency projects, the $Trump meme coin, with a dinner at a luxury golf club in Northern Virginia, fueling accusations that the president was mixing his White House duties with personal gain.
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