Trump Media raises ~$2.5B through PIPE and convertible notes to fund Bitcoin treasury

Trump Media & Technology Group Corp.

Gross proceeds of ~$2.5B: $1.5B equity PIPE at $25.72/share and $1.0B 0.00% convertible senior secured notes due 2028.
Notes convertible at $34.72/share (135% premium); expected closing May 29, 2025.
Proceeds primarily for Bitcoin treasury; custody with Crypto.com and Anchorage Digital.
CEO Devin Nunes says Bitcoin is 'apex instrument of financial freedom'; plans to evolve into holding company.
Existing cash/cash equivalents/short-term investments totaled $759M at Q1 2025; liquid assets to exceed $3B.

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