- The funds will come from the sale of shares and convertible notes.
- Trump Media’s share price fell 11% on Tuesday.
- The corporate Bitcoin treasury arms race is heating up.
Trump Media, the umbrella firm of US President Donald Trump’s social media companies, plans to raise $2.5 billion to load up on Bitcoin.
And it’s taking a leaf from the Michael Saylor playbook — operating a public Bitcoin vehicle by selling shares and debt.
The funds will come from selling $1.5 billion worth of common stock and $1 billion in convertible notes, according to an announcement on Tuesday. Convertible notes are debt products that can transform into equity in the company.
Trump Media fell as much as 11% in New York trading on Tuesday after investors weighed the disclosure of potential stock sales.
The filing says possible share dumps would include those by insiders such as Trump’s trust, which owns 57% of the company’s shares.
‘Apex of freedom’
CEO Devin Nunes called Bitcoin “an apex instrument of financial freedom” and said the acquisition will help shield the company from financial persecution from mainstream actors.
The move comes as Democratic lawmakers attempt to block President Trump and other officeholders from enriching themselves via crypto-related activities.
It’s the latest and loudest move into the corporate Bitcoin balance sheet arms race.
Saylor, founder of Strategy, kicked off the era of corporate Bitcoin hoarding when the company began acquiring the asset in August 2020.
Strategy, formerly MicroStrategy, is more of a Bitcoin proxy than the software company it used to be. It holds more than $63 billion worth of Bitcoin, the most of any publicly-listed company.
Japan’s Strategy
Others have followed suit, including Metaplanet, a Japanese investment firm. Metaplanet has more than $850 million worth of Bitcoin and has become the most-traded stock in Japan.
For Strategy and Metaplanet, stockpiling Bitcoin has been a boon for their share prices. Strategy’s stock has more than doubled in the one year, while Metaplanet has surged threefold since the start of 2025.
But there are growing concerns that the model might be structurally unsound and create a feedback loop of leveraged exposure into Bitcoin and the crypto market.
If Bitcoin’s price collapses, there could be mass selloffs, liquidations, and drawdowns that drag on the market.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
