Trump Media Raises $2.44 Billion to Establish Bitcoin Treasury
Trump Media and Technology Group (DJT) has completed a $2.44 billion fundraising deal to create a bitcoin treasury. Key details include:
- Shares rose 5.6% after the announcement.
- Nearly 56 million shares sold at $25.72 each.
- $1 billion in 0% convertible notes issued, maturing in 2028.
- 50 institutional investors participated in the offering.
- Net proceeds of $2.32 billion will be used to purchase BTC.
- Custody services provided by Crypto.com and Anchorage Digital.
This move aligns DJT with other public companies adding crypto assets to their balance sheets, following strategies similar to that of Michael Saylor's firm, which holds over $60 billion in BTC.
Earlier this year, Trump Media announced plans for a financial services platform focusing on crypto and customized exchange-traded funds, aiming to partner with Crypto.com for ETF products.