In a strategic move signaling its commitment to digital assets, Trump Media & Technology Group (NASDAQ: DJT), the company operating Truth Social, announced on Tuesday a $2.5 billion capital raise to build a Bitcoin treasury.
The financing round, backed by nearly 50 institutional investors, involves $1.5 billion in common stock and $1 billion in convertible senior secured notes. The offering is set to close by May 29, according to an official statement from the company.
To secure its growing Bitcoin reserves, Trump Media has partnered with leading crypto custodians Crypto.com and Anchorage Digital.
This announcement, first reported by the Financial Times, places Trump Media among the growing number of publicly-traded firms incorporating cryptocurrency into their financial strategies.
Following the news, DJT shares surged over 10% in premarket trading before settling slightly lower once regular trading began. Bitcoin meanwhile traded modestly higher, staying just above $110,000.
