The Trump Media and Technology Group (TMTG) on Friday announced it had closed a deal with the Treasury Department to allow the company to receive billions of dollars in Bitcoin.
The deal will permit the company to trade $1.5 billion in stock and $1 billion in convertible notes for $2.5 billion in Bitcoin. TMTG also stated it had an additional $759 million in cash, cash equivalents, and short-term investments.
The agreement is one of the largest Bitcoin treasury deals for any public company, and the proceeds of the deal will make Trump Media one of the top Bitcoin holders among publicly-traded U.S. firms, the company said.
“Trump Media is focused on acquiring great assets, and this deal will give us the financial freedom to implement the rest of our strategies,” Trump Media CEO and Chairman Devin Nunes said in a statement. “It means the Company will have more than $3 billion in liquid assets and our shareholders will have exposure to Bitcoin.Â
“The deal positions Trump Media for the kind of rapid expansion we’ve always envisioned, and we look forward to advancing even further throughout the America First economy,” he added.
Trump Media owns the social media platform Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi.
Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.
