Trump Media has successfully completed a private placement offering with institutional investors, securing a sum of about $2.44 billion, as reported by Dow Jones Newswires. The net proceeds from this offering, totaling approximately $2.32 billion, will be utilized to establish a bitcoin treasury, in addition to other general corporate needs and working capital, the firm announced on Friday.
The private placement offering involved the sale of $1.44 billion of the company’s common stock and $1 billion in convertible debt. The transaction engaged about 50 institutional investors and concluded successfully. Initially, on Tuesday, the company had expressed its intent to sell $1.5 billion of its common stock along with $1 billion in convertible debt.
With the net proceeds from the sale, Trump Media has become one of the largest bitcoin holders among publicly traded firms in the U.S, the company stated. “This deal sets up Trump Media for the swift expansion we’ve always aimed for,” commented Chief Executive, Devin Nunes. Following the news, shares soared 6.6% to $22.20.
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