Trump Media Adopts Crypto Treasury In $2.5 Billion Raise, Calls Bitcoin “Apex Instrument Of Financial Freedom”

Update:

The Financial Times report turned out to be correct.

Trump Media & Technology Group (TMTG) announced just moments ago a $2.5 billion private placement offering to fund the creation of one of the largest Bitcoin treasuries by a public company.

The raise includes $1.5 billion in common stock and $1 billion in 0.00% convertible senior secured notes, with commitments from around 50 institutional investors.

The offering is expected to close by Thursday, pending standard closing conditions.

“The Company intends to use the proceeds for the creation of a Bitcoin treasury. One of the largest Bitcoin treasury deals of any public company, the move closes Trump Media’s previously announced special acquisition fund, which is one of numerous ways, including through potential mergers and acquisitions, that the Company is aiming to expand its reach throughout the America First economy,” Truth Social wrote in a press release.

Trump Media’s CEO and Chairman Devin Nunes stated:

“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets. Our first acquisition of a crown jewel asset, this investment will help defend our Company against harassment and discrimination by financial institutions, which plague many Americans and U.S. firms, and will create synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+. It’s a big step forward in the Company’s plans to evolve into a holding company by acquiring additional profit-generating, crown jewel assets consistent with America First principles.”

Here are additional details about the deal:

The $2.5 billion Offering, comprising approximately $1.5 billion in Trump Media common stock at the last market price and $1.0 billion in convertible notes at a conversion price equal to a 35 percent premium, will place Bitcoin on Trump Media’s balance sheet alongside existing cash, cash equivalents, and short-term investments totaling $759.0 million as of the end of the first quarter of 2025.

Yorkville Securities, LLC and Clear Street LLC acted as Co-lead placement agents, with BTIG, LLC and Cohen & Company Capital Markets acting as Co-placement agents (collectively, the “Placement Agents”). Cantor Fitzgerald & Co. acted as financial advisor. Nelson Mullins Riley & Scarborough LLP is serving as legal counsel to the Company. Reed Smith LLP is serving as legal counsel to the Placement Agents.

Crypto.com and Anchorage Digital will provide custody for Trump Media’s Bitcoin treasury.

In markets, Bitcoin jumped to the $11k handle, nearing record-high territory.

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Trump Media & Technology Group (TMTG), the Trump family-controlled company behind Truth Social, jumped in premarket trading in New York after the Financial Times reported the company plans to raise up to $3 billion through a mix of debt and equity to purchase cryptocurrencies such as Bitcoin.

According to the report, TMTG plans to raise $2 billion in equity and an additional $1 billion through a convertible bond, citing six people familiar with the matter. However, the terms and size of the capital raise are still subject to change.

TMTG’s capital raise could be announced as early as this week, coinciding with a major Bitcoin conference in Las Vegas, which runs from Tuesday through Thursday. Scheduled speakers include Trump’s sons, Donald Jr. and Eric, Trump’s crypto adviser, David Sacks, and Vice President JD Vance.

FT reached out to TMTG for comment, receiving this statement in return: “Apparently, the Financial Times has dumb writers listening to even dumber sources.”

In a separate report, Reuters asked TMTG for comment regarding the FT story. The Trump family-controlled company responded by calling the FT “fake news.”

TMTG’s strategy is similar to that of MicroStrategy (now operating as “Strategy”) and Twenty One Capital, both of which have converted their corporate treasuries into Bitcoin using a mix of equity and debt, framing it as a superior long-term store of value compared to cash.

In April, TMTG reached a binding agreement to roll out a range of retail investment products, including cryptocurrencies and exchange-traded funds.

“We look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth,” said TMTG CEO Devin Nunes last month.

FT noted that industry insiders have said a wave of crypto-focused deals via blank check companies is expected to hit the market in the coming weeks.

There are several advantages to a corporate treasury diversified with Bitcoin…

Bitcoin is often viewed as “digital gold” due to its fixed supply (21 million coins).
It offers protection against fiat currency devaluation and central bank-driven inflation.
Particularly attractive during periods of aggressive monetary easing or high national debt.