Trump Media is now a real bitcoin player - and its stock is gaining

By James RogersPresident Trump's media platform says it has clinched 'one of the largest bitcoin treasury deals' of any public companyShares of Trump Media & Technology Group Corp. rose Friday after the media company said it completed a deal to raise more than $2.3 billion through the sale of new common shares and convertible debt, which the media company will use to create a bitcoin treasury reserve.The news helped push the stock (DJT) up 2.1% in afternoon trading, bucking the weakness seen in the price of bitcoin (BTCUSD) and in the broader stock market SPX.Trump Media said it sold 55.86 million common shares at $25.72 and sold $1 billion in debt, which is convertible to stock, at a conversion price of $34.72. The company said it would use the approximately $2.32 billion in net proceeds from the offering to create a bitcoin treasury reserve, and for other general corporate purposes and working capital.Related: Companies like GameStop and Trump Media are buying bitcoin. Here's how investors should proceed.The Sarasota, Fla.-based company, which operates President Donald Trump's social-media platform Truth Social, described the move as one of the largest bitcoin treasury-reserve deals for any public company. In a statement, Trump Media Chief Executive Devin Nunes said that the company now has more than $3 billion in liquid assets and its shareholders have exposure to bitcoin."Trump Media is focused on acquiring great assets, and this deal will give us the financial freedom to implement the rest of our strategies," Nunes said.Related: GameStop makes its first bitcoin buy. Here's why the stock is pulling back.Trump Media is not the only company that has made a bitcoin treasury move. The company is following in the footsteps of software company and bitcoin play MicroStrategy Inc. (MSTR), which is now doing business as Strategy and bills itself as the world's largest corporate holder of bitcoin.Meanwhile, videogame retailer and original meme stock GameStop Corp. (GME) announced on Wednesday its first purchase of bitcoin, and Strive Asset Management - the exchange-traded-fund manager co-founded by entrepreneur and politician Vivek Ramaswamy - announced a bitcoin accumulation strategy of its own earlier in the week.Related: Vivek Ramaswamy's firm wants to buy biotech companies to bet on bitcoinPresident Donald Trump has repeatedly touted his crypto-friendly credentials and has vowed to make the U.S. "the crypto capital of the world." Last week, he hosted a dinner at his Trump National Golf Club in northern Virginia for the top holders of his $TRUMP meme coin (TRUMPUSD). On Wednesday, Vice President J.D. Vance vowed to champion the bitcoin "movement" during a speech at the Bitcoin Conference in Las Vegas.Trump Media shares fell earlier this week after it confirmed a report that it would issue and sell new shares to invest in bitcoin, a move that reduces the share of the company that stockholders at the time owned.Even with Friday's rally, the stock has tumbled 17.3% this week, which would be its worst weekly performance since it plunged 18.3% during the week ending Jan. 24.Meanwhile, bitcoin has slipped 4% this week and the S&P 500 has gained 1.1%.Steve Gelsi and Victor Reklaitis contributed.-James RogersThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.