Trump Media announces $2.5 billion Bitcoin deal

The Trump Media & Technology Group this week announced a major Bitcoin deal to acquire billions in the cryptocurrency.

“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets," TMTG Chairman Devin Nunes said in a press release.

"Our first acquisition of a crown jewel asset, this investment will help defend our Company against harassment and discrimination by financial institutions, which plague many Americans and U.S. firms, and will create synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+," he went on. "It’s a big step forward in the Company’s plans to evolve into a holding company by acquiring additional profit-generating, crown jewel assets consistent with America First principles.”

The deal would see the company trade $1.5 billion in stock and $1 billion in convertible notes for $2.5 billion in Bitcoin. TMTG also stated it had an additional $759 million in cash, cash equivalents, and short-term investments.