On the 27th, the Trump Media and Technology Group, a social media company under President Trump, announced plans to raise approximately $2.5 billion (around RM10.612 billion) to invest in Bitcoin as part of its diversified revenue strategy.
In its statement, Trump Media and Technology noted that it will raise funds by issuing $1.5 billion in stock at the latest closing price and $1 billion in convertible bonds at a 35% premium.
Trump Media and Technology stated that it has reached subscription agreements with about 50 institutional investors.
Trump Media and Technology said that the Bitcoin will be added to the company's balance sheet alongside cash and short-term investments held as of the end of the first quarter this year (totaling approximately $759 million). The Bitcoin assets will be custodied by crypto platforms Anchorage Digital and Crypto.com.
The CEO of Trump Media and Technology, Nunes, said, "We believe Bitcoin is the ultimate tool for financial freedom."
He stated that this investment is a "significant advancement" in the company's strategy to acquire "crown jewel assets" based on the "America First" principle.
Trump Media and Technology owns the social platform "Truth Social" and streaming media business.
This move also signifies that more and more listed companies are incorporating Bitcoin and other crypto assets into their financial statements to profit from the rise in digital currency prices, especially in the landscape where Trump is actively embracing crypto assets.
Trump had vowed to make the United States the "world's cryptocurrency hub." After taking office, he signed an executive order to establish a strategic Bitcoin reserve, viewing Bitcoin as a reserve asset.