Trump's Media Corporation Plans to Invest $2.5 Billion in Purchasing Bitcoin (BTC)
Trump Media and Technology Group, the proprietor of Truth Social, plans to acquire $2.5 billion worth of Bitcoin (BTC). The announcement, made on Tuesday, indicates that the company has entered into subscription agreements with approximately 50 institutional investors to facilitate this Bitcoin purchase.
Under the deal, the corporation will issue and sell approximately $1.5 billion in its common stock and $1 billion in 0.00% convertible senior secured notes to the investors.
Devin Nunes, CEO and chairman of Trump Media, states that incorporating Bitcoin into the company's treasury is a strategic move, viewing Bitcoin as an "instrument of financial freedom." Nunes further explains that this investment aims to safeguard the company against discrimination and harassment by financial institutions and create synergies for subscription payments, a utility token, and other transactions on Truth Social and Truth+.
At the time of writing, Bitcoin is trading at $109,395 after hitting a new all-time high of $111,814 late last week. The top-ranked cryptocurrency by market capitalization has seen a nearly 2.5% increase in the past week and 16% surge in the past month.
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In light of Trump Media and Technology Group's decision to acquire Bitcoin worth $2.5 billion, the corporation has also announced plans to invest in other cryptocurrencies and altcoins. Devin Nunes, CEO of Trump Media, explained that this diversification is a strategic move to create synergies for various transactions on Truth Social and Truth+, thereby promoting financial freedom.
With Bitcoin's current surge, reaching an all-time high of $111,814 last week, the blockchain landscape continues to offer exciting opportunities for investing and finance innovation, as demonstrated by various startups, platforms, and AI-powered projects in the industry.
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