Trump Media and Technology Group (TMTG), the operator of Truth Social and related platforms, plans to use the raised capital to build a sizable Bitcoin treasury. The private placement involves the issuance of $1.5 billion in common stock at the latest market price.
Additionally, the company will issue $1 billion in convertible senior secured notes that carry a 0.00% interest rate and convert at a 35% premium over the current stock price.
The company expects the offering to close by May 29, 2025, subject to customary closing conditions. About 50 institutional investors participated in the subscription agreements. 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.”
Bitcoin Treasury and Corporate Strategy
This capital raise will place Bitcoin alongside Trump Media’s existing cash, cash equivalents, and short-term investments, which totalled $759 million at the end of the first quarter of 2025. The company has partnered with Crypto.com and Anchorage Digital to provide custody services for its Bitcoin holdings.
The move is among the largest Bitcoin treasury deals announced by a public company in recent months. Devin Nunes said the investment supports the company’s goal to “defend our Company against harassment and discrimination by financial institutions.”
He also mentioned plans to use the Bitcoin treasury to create synergies for subscription payments, utility tokens, and other transactions across Truth Social and Truth+.
Following the announcement, Trump Media’s stock experienced a volatile session. The shares initially surged over 10% in premarket trading but then declined modestly during regular trading hours. Bitcoin price itself traded slightly higher, maintaining a level just above $110,000.
Fundraising and Industry Context
Trump Media’s $2.5 billion offering follows reports of a larger $3 billion fundraising effort involving new equity and convertible bonds. This fundraisal would deepen ties between the Trump family and the crypto industry. The fundraising is reportedly timed ahead of a major crypto event in Las Vegas, which will feature several high-profile attendees connected to the company.
Industry experts and commentators have taken note of the announcement. Some have questioned the strategy, while others point to the growing acceptance of cryptocurrencies by public companies.
This move by Trump Media adds to the trend of firms allocating significant capital to Bitcoin and cryptocurrency holdings. This development occurs amid increased corporate activity in the cryptocurrency space. For instance, MicroStrategy recently disclosed the purchase of an additional 4,020 Bitcoins between May 19 and May 25.
This acquisition increased MicroStrategy’s total Bitcoin holdings to over 580,000 tokens. These corporate moves reflect growing institutional interest in digital assets as part of broader investment portfolios.