Trump Media and Technology Group (DJT), the operator of Truth Social, said on Friday that it has closed a $ 2.44 billion collection agreement to establish a Bitcoin
Treasury.
DJT shares deleted early morning loss and rose 5.6% on the day after the news.
The company sold nearly 56 million shares to $ 25.72 per year. About 50 institutional investors subscribed to the offer. The location was led by Yorkville Securities and Clear Street, where Cantor Fitzgerald served as a financial advisor.
The company said it will direct the net proceeds of $ 2.32 billion to buy BTC for its treasury, where Crypto.com and Anchorage Digital provide custody services.
The move adds to the company to a growing list of listed companies that have raised capital to add crypto assets like Bitcoin to their balance, a playbook pioneering by Michael Saylor’s strategy (MSTR). The software company has become the world’s largest business owner of the leading crypto asset that accumulates over $ 60 billion in BTC by financeing purchases through a combination of equity and debt issues.
Trump Media shared plans earlier this year to launch a platform for financial services focusing on crypto and adapted stock -traded funds. It also said it wants to work with Crypto Exchange Crypto.com to launch the ETF products.
