The deal marks the latest sign of the swelling opportunity that Trump’s various businesses see in crypto, a once-beleaguered industry whose regulatory framework is now being crafted by the president’s own regulators and Republican lawmakers. The Trump family has also backed a crypto venture called World Liberty Financial. Yet another bitcoin-focused company, American Bitcoin, which counts Eric Trump as a co-founder and chief strategy officer, recently struck a deal to go public on Wall Street. And just days before Inauguration Day, Trump rolled out his own personalized crypto token — a memecoin called $TRUMP. It’s a foray that has already prompted sweeping ethics and conflict-of-interest concerns in Washington, which appear unlikely to die down any time soon.

Trump Media and Technology Group (DJT.O) will raise about $2.5 billion to invest in bitcoin, U.S. President Donald Trump's social media company said on Tuesday, as it looks to diversify its revenue. The company is raising the funds by selling $1.5 billion in stock at its last closing price and $1 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. "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."

The Trump Media and Technology Group on Tuesday announced a $2.5 billion deal with institutional investors to create a bitcoin treasury. The company said in a release that the deal, which is expected to close by about Thursday, May 29, will feature a $1.5 billion stock issuance as well as $1 billion in convertible notes. The $2.5 billion deal is being carried out through a private placement offering and will finance the creation of the bitcoin treasury. Trump Media is the parent company of social media app Truth Social.