Trump Media Plans to Stockpile $2.5 Billion in Bitcoin

The Trump Media and Technology Group (TMTG), owned by the family of former U.S. President Donald Trump, announced a private investment agreement worth $2.5 billion to purchase Bitcoin (BTC). This announcement comes just a day after denying related reports.

On the 27th (local time), Trump Media and Technology Group stated on its official website, "We are pursuing a private placement (non-public fundraising) involving 50 institutional investors worth $2.5 billion," adding, "$1.5 billion will be raised through common stock issuance, and $1 billion through convertible bond issuance."

The company emphasized that this fundraising is intended for purchasing Bitcoin. Trump Media stated, "We plan to establish a Bitcoin reserve through this fundraising," and added, "This is the largest Bitcoin purchase plan by a public company, as part of the strategy to promote the America First Economy."

Devin Nunes, CEO of Trump Media, said, "Bitcoin is an asset at the pinnacle of financial freedom," and added, "Trump Media will hold virtual assets (cryptocurrencies) as core assets in the future."

Meanwhile, this announcement has drawn attention as it comes after Trump Media directly refuted a report by the Financial Times. Previously, the Financial Times, citing informed sources, reported that "Trump Media plans to raise funds for virtual asset investment through a $2 billion new stock issuance and a $1 billion convertible bond issuance."

In response, Trump Media criticized, "The report is baseless," and added, "The journalists who wrote that article are stupid. The sources they relied on are even stupider."

Following this news, Bitcoin also surged, surpassing $110,000. As of 10:20 PM, Bitcoin is trading at $110,648 on the Binance USDT market, up 0.8% from 24 hours ago.