Trump Media & Technology Group Rises 5.32% After Securing $2.44 Billion for Bitcoin Reserve

On May 31, COINOTAG reported a notable surge in the stock price of Trump Media & Technology Group, which has seen an increase of 5.32%. The company has successfully completed a significant private placement, engaging around 50 institutional investors. This initiative encompasses the sale of 55,857,181 shares at a price of $25.72 per share, resulting in approximately $1.44 billion in gross proceeds.

Additionally, the company issued $1 billion in convertible senior secured notes, due in 2028, with a conversion price set at $34.72 per share. Collectively, these offerings have raised around $2.44 billion. Notably, Trump Media intends to allocate around $2.32 billion of the net proceeds to establish a Bitcoin reserve and fund various corporate needs, including working capital.