Trump Media & Technology Group, the social media company owned by former US President Donald Trump, plans to invest in Bitcoin, aiming to diversify its revenue streams. The company announced it will raise approximately $2.5 billion for this purpose.
The fundraising will involve selling $1.5 billion worth of stock at the current closing price. Additionally, $1 billion will be raised through convertible notes, priced at a 35% premium. The company intends to hold the acquired Bitcoin on its balance sheet, alongside its existing cash reserves and short-term assets. This move signifies Trump Media’s foray into the cryptocurrency market and a strategic shift towards digital assets.
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