Trump Media unveils $2.5 bn Bitcoin treasury plan via private placement

Trump Media and Technology Group (DJT), the parent company behind Truth Social, Truth+, and the fintech platform Truth.Fi, has announced a $2.5 billion private placement deal aimed at building one of the largest Bitcoin treasuries among publicly listed companies.

The offering includes $1.5 billion in common stock and $1.0 billion in convertible senior secured notes, subscribed by approximately 50 institutional investors, according to multiple media reports. The transaction is expected to close around May 29, 2025, subject to customary closing conditions.

With existing cash, cash equivalents, and short-term investments totaling $759.0 million at the end of Q1 FY25, Trump Media’s total liquid assets are projected to exceed $3 billion once the offering is completed.

The funds will be used to create a Bitcoin treasury, placing Trump Media among a select group of public companies to make a substantial allocation to cryptocurrency. This move also concludes a previously announced special acquisition fund, part of the company’s broader strategy to expand within the "America First" economic ecosystem, which may include mergers and acquisitions.

Devin Nunes, CEO and Chairman of Trump Media, framed the investment as a bold step toward greater financial independence. “We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” Nunes said.

He described the Bitcoin purchase as the company’s “first acquisition of a crown jewel asset”, aimed at protecting Trump Media from what he called financial discrimination faced by U.S. firms and individuals. The move is also expected to support new initiatives across Trump Media’s platforms, including subscription-based payments, a utility token, and other blockchain-powered features for Truth Social and Truth+. 

The $2.5 billion offering, consisting of around $1.5 billion in Trump Media common stock at the recent market price and $1.0 billion in convertible notes at a conversion price equal to a 35% premium, will add Bitcoin to Trump Media’s balance sheet alongside existing cash, cash equivalents, and short-term investments totaling $759.0 million as of the end of the first quarter of 2025.

Yorkville Securities, LLC and Clear Street LLC served as Co-lead placement agents, while BTIG, LLC and Cohen & Company Capital Markets acted as Co-placement agents (referred to collectively as the “Placement Agents”). Cantor Fitzgerald & Co. provided financial advice, with Nelson Mullins Riley & Scarborough LLP serving as the Company's legal counsel and Reed Smith LLP serving as legal counsel to the Placement Agents.

Crypto.com and Anchorage Digital will handle custody for Trump Media’s Bitcoin treasury.