The Trump family media company has said it will raise $2.5bn to buy bitcoin as it seeks to ride a wave of enthusiasm for digital assets.
Trump Media & Technology Group (TMTG), which runs the Truth Social app and is controlled by Donald Trump’s family, said on Tuesday that it would raise $1.5bn in fresh equity and another $1bn through convertible bonds, the proceeds of which will be used to create a “bitcoin treasury”.
The deal, first reported by the Financial Times, marks the latest example of a group raising funds in traditional markets to purchase digital assets. Bitcoin, the biggest digital token by market value, hit a record high above $110,000 last week on growing signals that regulators will take a far more lenient approach to crypto under the Trump administration.