Trump is holding crypto dinners for the biggest Trump Coinbuyers
The president hosted top investors with his meme coins and rewarded the biggest buyers with gifts worth around $100,000.
Trump Media and Technology Group are planning to raise about $2.5 billion to invest in Bitcoin, President Donald Trump’s social media company said Tuesday that it aims to diversify its revenue streams with a push into the financial sector.
The company is raising funds by selling $1.5 billion in stock at its final closing price and selling $1 billion in convertible notes at a 35% premium, the company said in a statement.
Bitcoin will be held on Trump Media’s balance sheet, along with $759 million in existing cash and short-term investments totaling as of the end of the first quarter. Crypto Platforms Anchorage Digital and Crypto.com provide custody to Bitcoin Holdings.
“We see Bitcoin as the pinnacle of financial freedom,” Trump media CEO Devin Nunes said he is urging the move as a “big step forward” in the company’s plan to acquire “crown jewel assets consistent with America’s first principles.”
The shares in the company behind Truth Social, a streaming and social media platform, fell 6% in early trading.
Trump Media is investigating potential mergers and acquisitions as it aims to diversify into financial services.
Last month we reached a binding contract to launch a variety of retail investment products, including crypto and exchange sales funds in line with Trump’s first US policy.
Long entrenched in skyscrapers and country clubs, Trump families quickly launched multiple beach heads in code, quickly gaining hundreds of millions of dollars. Other crypto forays include Trump NFTS, Memecoin, and the newly formed Bitcoin producer stock called American Bitcoin, and Cryptocurrency Exchange World Liberty Financial.
But the code push attracted scrutiny from lawmakers, including Democrat Sen. Elizabeth Warren last month.
(Eidicing Rport with Karuru Adya Soni or Arsiez Bajiwa and with Silpis Majamdal).
