Devin Nunes' Trump Media & Technology Group Announces Major Bitcoin Acquisition

The Trump Media & Technology Group this week announced a major Bitcoin deal to acquire billions in the cryptocurrency.

Trump Media & Technology Group (TMTG) has announced plans to acquire an "apex instrument of financial freedom" - Bitcoin.

According to a press release by TMTG, Chairman Devin Nunes revealed that the company is acquiring Bitcoin as part of its strategy to become a holding company.

"We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of its assets," said Nunes.

He added that the company's first acquisition of a "crown jewel asset" will help defend TMTG against harassment and discrimination by financial institutions.

"This investment will help defend our Company against harassment and discrimination by financial institutions, which plague many Americans and U.S. firms, and will create synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+," Nunes continued. "It’s a big step forward in the Company’s plans to evolve into a holding company by acquiring additional profit-generating, crown jewel assets consistent with America First principles."

The deal would see the company trade $1.5 billion in stock and $1 billion in convertible notes for $2.5 billion in Bitcoin.

TMTG also stated it had an additional $759 million in cash, cash equivalents, and short-term investments as of March 31, 2023.

The company is planning to raise up to $1 billion in debt and equity securities in the coming months.

TMTG is the parent company of the social media platform Truth Social, which was launched in February 2022. The platform is a direct competitor to platforms such as Facebook, Twitter, and Instagram.

Truth Social has been a success, and the company is now planning to expand its operations.

Earlier this year, TMTG announced plans to launch a subscription service called Truth+. The service will offer users exclusive content and features.

The company is also planning to launch a utility token, which will be used to power new products and services.

TMTG's plans are ambitious, but the company has a strong track record of success.

The company is well-positioned for future growth and could become a major force in the technology industry.