US President Donald Trump's media company on Tuesday said it plans to raise $2.5 billion to create a so-called Bitcoin treasury, furthering his embrace of the cryptocurrency sector.
Trump Media and Technology Group said it has entered into subscription deals with about 50 institutional investors.
Under this agreement, the institutional investors will put up about $1.5 billion in common stock and an additional $1 billion in convertible senior secured notes.
The company added that the offering would place Bitcoin as a key asset on its balance sheet, which totalled $759 million at the end of the first quarter of 2025.
Trump Media shares fell about 10 per cent after the announcement to $23.23 a share.
“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” said Trump Media chief executive Devin Nunes.
Trump Media runs Truth Social, the media platform on which the US President often posts.
Once a cryptocurrency sceptic, Mr Trump emerged as one of the sector's biggest backers during his 2024 presidential campaign with promises to establish a strategic Bitcoin reserve and to take a friendlier approach towards crypto than his predecessor.
Mr Trump last week also hosted a black-tie gala at his golf club in northern Virginia for 220 of the top investors of the $Trump meme coin. The event drew conflict-of-interest concerns that the president was mixing his business and political interests.
Among last week's guests was Justin Sun, a crypto billionaire who came first in the so-called competition to win a seat at the gala. Mr Sun is a backer of World Liberty Financial, the crypto company run by Zach Witkoff. He is the son of Steve Witkoff, Mr Trump's special envoy to the Middle East.
Under former president Joe Biden's administration, the Securities and Exchange Commission sued Mr Sun in 2023 over allegations of market manipulation and offering unregistered securities. However, the Trump-led SEC announced in February it would pause the lawsuit for 60 days to seek a resolution.
That month, the SEC announced it had also paused litigation against Binance and dropped its lawsuit against Coinbase.
Separately, the Senate last week advanced a major cryptocurrency bill that would establish the first regulatory framework for stablecoins. The bill, known as the GENIUS Act, is expected to go through a prolonged amendment process.
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Read more about the coronavirus
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
