Trump Media & Technology Group has closed a deal to sell $2.4 billion worth of common stock and convertible bonds to fund a Bitcoin treasury, the company announced.
The move means President Donald Trump is no longer the majority shareholder of the Truth Social parent company.
Trump Media first announced plans to acquire Bitcoin earlier this week, taking a page out of the corporate treasury playbook pioneered by MicroStrategy. The $2.3 billion in Bitcoin the company said it will purchase will dwarf the $759 million in cash, cash equivalents, and short-term investments currently on its balance sheet.
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