Shares in Trump Media & Technology Group (DJT) tumbled Tuesday as the company behind President Donald Trump’s Truth Social app said it is planning to raise $2.5 billion to buy bitcoin.

Trump Media stock is down 8% in intraday trading Tuesday and has lost almost a quarter of its value so far this year entering Tuesday.

Trump Media said it would sell around $1.5 billion in shares and $1 billion in zero-coupon convertible bonds to approximately 50 institutional investors in a private placement.

“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” Trump Media CEO Devin Nunes said. The $2.5 billion offering is expected to close on Thursday, the company said, and will “place Bitcoin on Trump Media’s balance sheet alongside existing cash, cash equivalents, and short-term investments totaling $759.0 million as of the end of the first quarter of 2025.”

The Financial Times earlier Tuesday reported the plan by Trump Media to sell stock and convertible bonds to buy bitcoin.

Trump has said he wants to make the U.S. the “crypto capital of the planet” and has been a proponent of the industry since resuming the presidency in 2025. 

Business intelligence and bitcoin treasury company Strategy (MSTR), formerly known as MicroStrategy, has acquired billions of dollars in the digital currency in the past year by selling stock and convertible bonds. Strategy shares are up almost 30% so far this year entering Tuesday.

UPDATE—May 27, 2025: This article has been updated to include the confirmation by Trump Media of its plan to raise funds to buy bitcoin.