Trump’s media company says it’s buying $2.5 billion in Bitcoin

President Donald Trump’s media institution could soon ain $2.5 cardinal successful Bitcoin. On Tuesday, Trump Media announced that it’s moving with “approximately 50 organization investors” to merchantability and contented $1.5 cardinal successful banal and $1 cardinal successful convertible notes. The company, which operates Truth Social among different services, volition beryllium utilized to found a ample holding of Bitcoin.

Trump Media says Crypto.com and the crypto banking level Anchorage Digital volition supply custody services for the company’s Bitcoin treasury.

“We presumption Bitcoin arsenic an apex instrumentality of fiscal freedom, and present Trump Media volition clasp cryptocurrency arsenic a important portion of our assets,” Trump Media CEO Devin Nunes said successful the property release. “Our archetypal acquisition of a crown jewel asset, this concern volition assistance support our Company against harassment and favoritism by fiscal institutions.”

The announcement comes conscionable months aft Trump revealed plans for a national cryptocurrency reserve that includes Bitcoin, 1 of galore adjacent ties to the crypto industry. The Trump medication has softened the government’s scrutiny of manufacture misconduct, with the Securities and Exchange Commission dropping lawsuits and investigations involving Coinbase, Kraken, and Robinhood. 

Trump Media announced a fintech subsidiary named Truth.fi earlier this year, and the Trump household is down crypto startup World Liberty Financial, which has collected millions successful deals The New York Times concluded “eviscerated the bound betwixt backstage endeavor and authorities policy.” 

Trump also invited the biggest buyers of his $TRUMP memecoin to a lavish meal held past week. The medication says its authorities crypto reserve volition beryllium funded by coins seized done transgression oregon civilian forfeiture, a determination that’s apt to indirectly payment different crypto holders, including Truth Media.