Trump Media (NASDAQ:DJT) has closed on a private placement raising $2.44 billion in new capital. The funds will be utilized to pursue a Bitcoin treasury strategy.
The funds raised included $1.44 in equity capital, at a price of $25.72 per share, and $1 billion in a zero-coupon convertible note. The net proceeds totaled $2.32 billion.
Shares of Trump Media closed at $21.50 today. The 52-week range of the shares is $11.75 to $54.68.
The company pointed out that the exercise creates one of the largest Bitcoin treasury deals for a public company, adding that it will become one of the top public firms holding Bitcoin. If the price of Bitcoin continues to rise, shares in Trump Media may benefit if investors view it as a proxy for the digital asset.
As the Trump administration is squarely pro-crypto and the administration has stated that it intends to iniatiate its own strategic Bitcoin holdings, the market for Bitcoin has been solidly bullish.
While Trump Media is pursuing a Bitcoin treasury strategy, it is best known for Truth Social, a Twitter-like (now X) social media that was created to challenge the bias of the platform before its acquisition by Elon Musk.