Washington, May 30 -- Trump Media and Technology Group (TMTG) said on Friday that it has closed the deal with dozens of institutional investors to create a Bitcoin treasury.
On Tuesday, the company said that it intends to use proceeds from the deal, which was then expected to be worth approximately $2.5 billion, for the creation of a Bitcoin treasury in order to "expand its reach throughout the America First economy."
"Trump Media and Technology Group Corp. ... announced today that it has closed its previously announced private placement offering ("the Offering") with approximately 50 institutional investors ... Trump Media will use the approximately $2.32 billion in net proceeds from the Offering to create a Bitcoin treasury and for othe...