Trump Media to raise $2.5 billion to invest in bitcoin
and Technology Group will raise about $2.5 billion to invest in bitcoin, U.S. President
Donald Trump
's
social media
firm said on Tuesday, as it looks to diversify its
revenue
streams with a push into the financial sector.
The company is raising the funds by selling $1.5 billion in stock at its last closing price and $1.0 billion in convertible notes priced at a 35% premium, it said in a statement.
The bitcoin will be held on Trump Media's
balance sheet
alongside existing cash and short-term investments totaling $759 million as of the end of the first quarter. Crypto platforms Anchorage Digital and Crypto.com will provide custody for the bitcoin holdings.
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"We view bitcoin as an apex instrument of financial freedom," Trump Media CEO
Devin Nunes
said, hailing the move as a "big step forward" in the company's plan to acquire "crown jewel assets consistent with
America First principles
".
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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
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Shares
of the company behind Truth Social, a streaming and social media platform, were down 6% in early trading.
Live Events
Trump Media has been exploring potential mergers and acquisitions as it aims to diversify into financial services.
Last month, it reached a binding agreement to launch various retail investment products, including crypto and exchange-traded funds aligned with Trump's America First policies.
The Trump family, long rooted in skyscrapers and country clubs, has opened multiple beachheads in crypto, quickly gaining hundreds of millions of dollars. Those other crypto forays include Trump NFTs, a meme coin, a stake in a newly formed bitcoin producer called American Bitcoin and the cryptocurrency exchange World Liberty Financial.
But the crypto push has attracted scrutiny from lawmakers, including Democratic Senator Elizabeth Warren, who last month asked the U.S. securities regulator about its plans to supervise ETFs due to be launched by Trump Media.
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You Might Also Like: India may allow GM animal-feed imports from US in trade deal The prospect of cheaper imports from the United States threatens to drive down local prices, handing the opposition a fresh opportunity to attack the government. New Delhi has traditionally kept agriculture out of Free Trade Agreements with other nations. Granting market access to the US could force India to extend similar concessions to other trading partners. The average Indian farm comprises just 1.08 hectares, compared to 187 hectares in the United States. In dairy, the average herd size in India is two to three animals per farmer, compared to hundreds in the US. This difference makes it difficult for small Indian farmers to compete with their U.S. counterparts. 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The Global Trade Research Initiative (GTRI) has cautioned that permanent reduction of agricultural tariffs in the India-US free trade agreement could result in subsidised US grains overwhelming Indian markets during global price downturns. Historical evidence shows that global grain prices plummeted between 2014 and 2016, with wheat prices falling under $160 per tonne, devastating African farmers. "India must retain policy space to manage food stocks, support rural incomes, and respond to global shocks. In today's geopolitically unstable world, food security must remain sovereign," GTRI Founder Ajay Srivastava was quoted as saying by PTI. At present, the government doesn't allow cultivation of GM food crops, even though varieties can aid yields. The commercial release of GM mustard has been stalled due to a legal challenge in the country's top court, and in 2010, the government rejected a GM variety of brinjal. Still, India already meets about 60% of vegetable-oil demand through imports, including soy and canola oils from GM crops. The country is also the second-largest cotton grower, with more than 90% of that crop genetically modified. You Might Also Like: Import duty cut on US farm goods under trade pact could undermine India's food security: GTRI The way out of the deadlock While India remains firm on not giving concessions in market access in the sensitive dairy and agricultural sectors, India is looking to allow imports of certain GM-based farm products used in animal feed, ET has reported based on information from sources. Talks on the deal are nearing conclusion with some last minute fine-tuning, a person privy to the development told ET, adding it could be announced well before the July 9 deadline when the US government's moratorium on reciprocal tariffs ends. "Sensitive agriculture and dairy products are out of the deal. There could be some farm products such as apples where limited concessions are being worked out," said an official, adding that concessions for US-made automobiles are high on priority list. India may agree to inbound shipments of some products used in animal feeds, such as soybean meal and distillers dried grains with solubles, a byproduct of corn-based ethanol production, people familiar with the matter, who asked not be identified as the information isn't public, told Bloomberg. You Might Also Like: Modi-govt must hold the line on food and fuel trade when dealing with Trump
