In short
- Newsmax is building a digital asset treasure trove centered on Bitcoin and President Trump’s official Solana meme coin.
- The company will be authorized to spend up to $5 million on the acquisition of the assets over the next 12 months.
- Shares of NMAX fell 4% today but are up in after-hours trading.
Publicly traded media company Newsmax is creating a digital asset treasure trove centered on Bitcoin and President Donald Trump’s meme coin, which trades on Solana under the name TRUMP.
The company’s board of directors has approved the plan, which will see it acquire a total of up to $5 million from the two assets over the next year, according to a company announcement on Thursday.
“Bitcoin is quickly becoming the gold standard of cryptocurrency, and we believe adding this asset to our corporate reserves would be an important business feature,” Newsmax CEO Christopher Ruddy said in a statement.
“We are also excited to add Trump Coin to our cryptocurrency plan,” he added, “as we believe the value of the coin should follow the success of the Trump presidency, which has been impressive thus far.”
Details on how the company will finance the initiative were not disclosed, but it expects to make the first strategic purchase “in the near future.”
Shares of Newsmax, which trade on the New York Stock Exchange with ticker NMAX, fell about 4% to $10.83 today as broader markets fell amid increased macro volatility. However, shares are up more than 4% in after-hours trading, This is evident from data from Yahoo Finance.
Both Bitcoin and TRUMP fell further on Thursday, with BTC down 3% to $107,709, while the president’s official meme coin fell 2.1%. According to data from CoinGecko, the latter coin fell outside the top 100 cryptocurrencies in terms of market capitalization.
TRUMP is now changing hands at $5.90, down nearly 92% from January’s all-time high of $73.43.
Newsmax joins the Trump-backed Trump Media as media companies with plans for digital asset reserves. Earlier this year, Trump Media purchased $2 billion worth of Bitcoin and related securities. putting it in the top 10 largest listed stocks Bitcoin holders.
If Newsmax were to use all $5 million of its approved funds to buy BTC, it would only be able to acquire about 46 BTC, which would leave it outside the top 100, according to the sources. BitcoinTreasuries.net.
A Newsmax representative did not immediately respond Declutter request for comment.
Daily debriefing Newsletter
Start every day with today’s top news stories, plus original articles, a podcast, videos and more.
