Trump Media & Technology Group Corp (NASDAQ:DJT) has announced plans to raise $2.5 billion from around 50 institutional investors, with proceeds earmarked for one of the largest bitcoin treasury allocations by a listed company.
The deal includes $1.5 billion in equity and $1 billion in convertible notes. The bitcoin will be custodied by Anchorage Digital and Crypto.com, which are also working with the company on planned digital asset ETFs.
Shares in Trump Media closed down 10% on Tuesday and are nearly 30% lower year-to-date, but has a $5.3 billion market cap on minimal revenue.