Donald Trump’s Media Conglomerate Is Becoming a Bitcoin Reserve

Trump Media and Technology Group, a publicly traded company in which US president Donald Trump and his family own a majority stake, has raised $2.5 billion to accumulate a “bitcoin treasury.” On Monday, in response to a report by the Financial Times, TMTG initially denied contemplating any such maneuver. “The Financial Times has dumb writers listening to even dumber sources,” the company reportedly said. But Trump Media and Technology Group appears to have since changed its tune. In a press release on Tuesday, TMTG confirmed that it has agreed to sell $1.5 billion worth of equity and take on a further $1 billion in debt—and plans to use the proceeds to add vast quantities of bitcoin to its balance sheet. The deal puts TMTG in competition with a growing stable of bitcoin accumulation stocks, which act as a substitute of sorts for investing in bitcoin, without investors having to handle crypto themselves. In theory, as the price of bitcoin rises and falls, so should the stock price of ... Read full article.