Trump's media company says it's buying $2.5 billion worth of bitcoin

President Donald Trump's media company could soon buy $2.5 billion worth of bitcoin. On Tuesday, Trump Media announced it was working with "approximately 50 institutional investors" to sell and issue $1.5 billion worth of stock and $1 billion worth of convertible notes. The company, which operates Truth Social among other services, will use the proceeds to establish large holdings of bitcoin.

Trump Media says Crypto.com and crypto banking platform Anchorage Digital will provide custody services for the company's bitcoin treasury.

"We view bitcoin as the top tool for financial freedom, and now Trump Media will hold the cryptocurrency as a significant part of our assets," Trump Media CEO Devin Nunes said in a press release. "Our first acquisition of a crown jewel asset, this investment will help protect our company from harassment and discrimination by financial institutions." The announcement comes just months after Trump unveiled plans for a federal cryptocurrency reserve that includes bitcoin, one of several reserves with close ties to the crypto industry. The Trump administration has softened government scrutiny of industry misconduct, with the Securities and Exchange Commission withdrawing lawsuits and investigations involving Coinbase, Kraken and Robinhood.

Trump Media announced a fintech subsidiary called Truth.fi earlier this year, and the Trump family is behind crypto startup World Liberty Financial, which has amassed millions in deals. The New York Times concluded that “the boundary between private enterprise and government policy has become blurred.”

Trump invited the biggest buyers of his $TRUMP memecoin to a gala dinner he held last week. The administration says its government crypto reserve will be funded by coins seized through criminal or civil forfeiture, a move that is likely to indirectly benefit other crypto holders, including Truth Media.