Trump's media company says institutional investors will buy $2.5bn worth of its stock, with the proceeds going to build a bitcoin reserve.

About 50 institutional investors will put up $1.5bn in the private placement for common shares in Trump Media and Technology Group, the operator of Truth Social and other companies, and another $1bn for convertible senior notes, according to an announcement from the company.

Donald Trump's media company said on Tuesday that institutional investors will buy $2.5 billion worth of its stock, with the proceeds going to build up a bitcoin reserve.

About 50 institutional investors will put up $1.5 billion in the private placement for common shares in Trump Media and Technology Group, the operator of Truth Social and other companies, and another $1 billion for convertible senior notes, according to an announcement from the company.

Trump Media said it intended to use the proceeds for the creation of a "bitcoin treasury". The effort mirrors the president's moves to create a "strategic bitcoin reserve" for the US government.

Trump, who referred to cryptocurrencies in his first term as "not money", citing volatility and a value "based on thin air", has shifted his views on the technology. During his campaign, he became the first major candidate to accept donations in the form of cryptocurrency. Since assuming office, he has launched his own cryptocurrency.

Last week, Trump rewarded 220 of the top investors in one of his other cryptocurrency projects - the $Trump memecoin - with a swanky dinner luxury golf club in northern Virginia, spurring accusations that the president was mixing his duties in the White House with personal profit.

During an event at his Mar-a-Lago club in Florida during his presidential campaign in May 2024, Trump received assurances that crypto industry backers would spend lavishly to get him re-elected. He spoke at the major bitcoin event during his campaign, and JD Vance, the vice-president, is slated to speak at the conference this week.

The president's campaign aides also said that they were working on a plan to accept crypto donations for his campaign, which kicks off early next year.

"We're going to accept cryptocurrency donations for the campaign, which I think is going to be a game-changer," Trump told the campaign rally.

The campaign is expected to accept bitcoin, ether, and other major cryptocurrencies, according to two people familiar with the matter.

The campaign is also planning to create a Trump-branded stablecoin, which would be pegged to the US dollar and could be used for everyday transactions on a Trump-branded e-commerce platform, the sources said.

The Trump campaign did not immediately respond to a request for comment.

The campaign's interest in crypto donations is part of a broader effort to engage new donors and expand its fundraising capacity. The campaign has already set a goal of raising $1 billion by the end of 2024.

"We're going to be the biggest campaign in history, and we're going to win in a landslide," Trump said at the rally.

The president's campaign is also planning to launch a new email list and a mobile app to keep supporters engaged.

"We're going to keep the movement going, and we're going to win again in 2024," Trump said. "Together, we're going to make America wealthy and safe again."

input: After a turbulent few months that saw a failed merger attempt and a steep decline in its stock price, Trump Media & Technology Group (TMG) announced on Tuesday that institutional investors will buy $2.5 billion worth of its stock.

The operator of the Truth Social network said about 50 institutional investors will put up $1.5 billion in the private placement for common shares and another $1 billion for convertible senior notes.

TMG said it intended to use the proceeds for the creation of a “bitcoin treasury”. The effort mirrors the president’s moves to create a “strategic bitcoin reserve” for the US government.

Trump, who referred to cryptocurrencies in his first term as “not money”, citing volatility and a value “based on thin air”, has shifted his views on the technology.

During his campaign, he became the first major candidate to accept donations in the form of cryptocurrency. Since assuming office, he has launched his own cryptocurrency.

Last week, Trump rewarded 220 of the top investors in one of his other cryptocurrency projects - the $Trump memecoin - with a swanky dinner luxury golf club in northern Virginia, spurring accusations that the president was mixing his duties in the White House with personal profit.

The president's campaign aides also said that they were working on a plan to accept crypto donations for his campaign, which kicks off early next year.

"We're going to accept cryptocurrency donations for the campaign, which I think is going to be a game-changer," Trump said at the major bitcoin event during his campaign.

Trump spoke at the event during his campaign, and JD Vance, the vice-president, is slated to speak at the conference this week.

During an event at his Mar-a-Lago club in Florida during his presidential campaign in May 2024, Trump received assurances that crypto industry backers would spend lavishly to get him re-elected.

"The Trump campaign