Trump Media Closes $2.44 Billion Private Placement Offering for Bitcoin Treasury

By Kelly CloonanPresident Trump's media company has closed its private placement offering with institutional investors, raising about $2.44 billion.Trump Media will use the approximately $2.32 billion in net proceeds from the sales to create a bitcoin treasury and for other general corporate purposes and working capital, the company said Friday.Trump Media and Technology said the offering sold $1.44 billion of the company's common stock and $1 billion in convertible debt. The offering closed with about 50 institutional investors.The company had initially said Tuesday it planned to issue and sell $1.5 billion of its common stock and $1 billion in convertible debt.The net proceeds make Trump Media one of the top bitcoin holders among publicly traded U.S. firms, the company said."The deal positions Trump Media for the kind of rapid expansion we've always envisioned," Chief Executive Devin Nunes said.Shares rose 6.6% to $22.20.Write to Kelly Cloonan at [email protected]