Trump's social media company announces plans to raise $2.5 billion, with proceeds going towards creating a “bitcoin treasury.”

US President Donald Trump's social media company announced Tuesday its plans to raise about $2.5 billion, with proceeds going towards creating a “bitcoin treasury.”

A social media company founded by former US president Donald Trump is planning to raise about $2.5 billion, with proceeds going towards creating a "bitcoin treasury," the firm announced Tuesday.

Trump Media & Technology Group, which operates the Truth Social site, said it has entered into subscription deals with around 50 institutional investors.

It added that cryptocurrency would be a key part of its assets.

According to the statement, the company agreed to issue and sell about $1.5 billion in common stock and $1 billion in convertible senior secured notes, in a private placement offering.

The offering is anticipated to close on or about May 29, the company said.

“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 Trump Media CEO Devin Nunes.

He added that the investment will "help defend our Company against harassment and discrimination by financial institutions."

The firm also said it aims to grow its reach "throughout the America First economy," adding that Crypto.com and Anchorage Digital will provide custody for its bitcoin treasury.

Trump has vowed to make the United States the "crypto capital of the world."

Trump's newfound enthusiasm for digital currencies has expanded into multiple ventures led primarily by his eldest sons.