Donald Trump’s media company announced that it has secured $2.5 billion from institutional investors, which will be primarily used to establish a bitcoin reserve. The funding consists of $1.5 billion from around 50 investors through the private placement of common shares in Trump Media and Technology Group, the parent company of Truth Social, and $1 billion for convertible senior notes.
The initiative aims to create a “bitcoin treasury,” reflecting a broader ambition similar to Trump’s proposition for a “strategic bitcoin reserve” for the United States government. Despite previously dismissing cryptocurrencies as “not money” during his term, due to their volatility and perceived lack of value stability, Trump’s stance seems to have evolved. He notably accepted cryptocurrency donations during his campaign and has since developed his own cryptocurrency.
Recently, Trump hosted a lavish dinner at a luxury golf club in northern Virginia for 220 top investors from his $Trump memecoin project, raising concerns about potential conflicts between his official responsibilities and personal financial interests.
During his ongoing presidential campaign, Trump has garnered support from crypto industry backers who are keen to see him re-elected, with major events focused on cryptocurrency featuring his appearances. JD Vance, his vice-presidential candidate, is scheduled to speak at an upcoming bitcoin conference, further solidifying the connection between Trump’s campaign and the cryptocurrency sector.