Donald Trump’s media conglomerate is becoming a bitcoin reserve
Trump media and Technology Group, a public company with US President Donald Trump and his family holding a majority stake, has raised $2.5 billion to accumulate “Bitcoin Treasury.”
Monday, accordingly Report By the Financial Times, TMTG initially refused to consider such an operation. “We even hear stupid sources of information from the Financial Times for stupid writers,” the company said. However, Trump’s media and technology groups appear to have changed the song since then.
in press release On Tuesday, TMTG confirmed it agreed to sell $1.5 billion worth of stock and underwrite another $1 billion in debt, and plans to use its revenue to add a huge amount of Bitcoin to its balance sheet.
With this transaction, TMTG competes with the increased stability of Bitcoin accumulation stocks that act in place of the kind for investing in Bitcoin, even without investors. Process the cipher itself. In theory, as Bitcoin prices rise and fall, the stock prices of companies with large Bitcoin Treasury should.
“We see Bitcoin as the pinnacle of financial freedom, and Trump’s media now holds cryptocurrency as a key part of their assets,” TMTG CEO Devin Nunes said in a statement. “This is a major step forward in the company’s plan to evolve into a holding company by acquiring crown gem assets that generate additional profits consistent with America’s first principles.”
TMTG’s code embrace represents just a small part of the more elaborate photographs. Within the past year, Trump and his family have been forged into almost every segment of the crypto market despite a chorus of complaints related to the allegations. Office abuse and Conflict of interest.
Both Trump and his wife Melania, leading up to the inauguration ceremony in January. Issued my own crypto coinadd billions of dollars to the paper’s net worth. That same month, TMTG announced it Release of Truth.fi, its new fintech division, partnered soon afterwards With a crypto exchange Crypto.com aims to provide Crypto-related investment products to the public. Meanwhile, the president’s sons Eric Trump and Donald Trump Jr. are promoting another crypto service company. World Liberty Financialand recently founded American Bitcoin, a Bitcoin mining business.
The Trump family-related crypto venture has raised hundreds of millions of dollars. Cryptocoin sales By acquiring assets in the investing country and in part Transactions with business partners.
“Look back at some of Donald Trump’s ventures over time… he essentially brings a relatively large cut and a marketing and built-in audience in return,” says Austin Campbell, managing partner at the NYU Stern Business School of School of School of School and Crypto Consultancy Zero Knowledge. “American Bitcoin is literally its playbook.”
May, Eric Trump announcement Plans to reveal American Bitcoin. Like TMTG, the company plans to acquire a massive Bitcoin Treasury Ministry and turn it into a Bitcoin accumulation stock. “Our vision for Bitcoin in America is to create the most investable Bitcoin accumulation platform on the market,” he said when he announced the plan.