Trump Media & Technology Group announced on Tuesday that it has entered into agreements with 50 investors to raise roughly $2.5 billion in capital to invest in bitcoin.
TMTG, the company behind President Donald Trump’s Truth Social platform, said in the announcement that the proceeds from the investment would create a bitcoin treasury, a move it hailed as one of the “largest Bitcoin treasury deals of any public company.”
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“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” Trump Media CEO and Chairman Devin Nunes said.
“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+. 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,” Nunes continued.
The company agreed to raise about $2.5 billion through a private placement, selling roughly $1.5 billion in common stock and $1 billion in zero-interest convertible senior secured notes.
The announcement comes shortly after TMTG slammed a report claiming the company planned to invest up to $3 billion in cryptocurrencies. Trump’s company called a Financial Times report “fake news” after it suggested TMTG planned to solicit funds to spend on cryptocurrencies by raising $2 billion in new equity and an additional $1 billion through a convertible bond offering.
“Apparently the Financial Times has dumb writers listening to even dumber sources,” Trump’s organization said, per the New York Post.
The Financial Times report said the details regarding the company’s plans to diversify into financial services are set to be announced this week ahead of a major bitcoin conference that Vice President JD Vance and Trump’s sons Donald Jr. and Eric are expected to attend.
The 2025 bitcoin conference begins Tuesday, and Vance is set to deliver the headliner speech. Trump delivered the high-profile address last year.
The Washington Examiner reached out to TMTG for comment.
The announcement follows Trump’s push during his second term in the Oval Office to make the United States the world’s “crypto capital.” It also comes amid growing allegations from the president’s foes that his companies are benefiting from pro-crypto White House policies, which have sparked concerns about ethics violations and that such actions could pose a conflict of interest.
TRUMP MEME COIN DINNER SERVES UP ETHICS COMPLAINTS OVER FOREIGN INFLUENCE
Opposition from Democrats was particularly showcased over Trump’s high-profile meme coin dinner, which was recently attended by major holders of the $TRUMP meme coin.
During a Georgia town hall last month, Sen. Jon Ossoff (D-GA) condemned Trump as “selling access” to the presidency, claiming that there was “no question that that rises to the level of an impeachable offense.”