Trump Media Group closed a $2.44 billion funding round and became a major shareholder of bitcoin for listed companies

Trump Media Group closed a $2.44 billion funding round and became a major shareholder of bitcoin for listed companies
PANews
PANews
BTC-0.54%

PANews, May 30, Trump Media Group announced today that it has completed the previously announced private placement with about 50 institutional investors. The offering consisted of: (1) the sale of 55,857,181 shares of the Company's common stock at a price of $25.72 per share, raising gross proceeds of approximately $1.44 billion; and (2) issuance of US$1.0 billion principal amount of convertible senior secured notes due 2028 at a conversion price of US$34.72 per share. Together, the two raised approximately US$2.44 billion. Trump Media will use about $2.32 billion of net funds to build a Bitcoin reserve and use it for other general corporate purposes and working capital. As one of the largest bitcoin reserve deals among publicly traded companies, the net proceeds and corporate strategy of the offering will make Trump Media Group one of the largest bitcoin holdings among publicly traded companies in the United States. Following the offering, Bitcoin will be added to the Trump Media Group's balance sheet, alongside a total of $759 million in cash, cash equivalents and short-term investments by the end of the first quarter of 2025.

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