Media Firm Newsmax Plans Crypto Reserve – Eyes $5M Bitcoin, Trump Coin Purchase
News outlet operator Newsmax has announced plans to purchase up to $5 million in Bitcoin and Trump Coin over the subsequent yr, as part of its strategic crypto reserve plans. Newsmax stated that the corporate’s Board of Directors have authorized the plan on Thursday.
Apart from Bitcoin accumulation, Newsmax is trying so as to add official Trump Coin, given its circulating worth surpassing $1.2 billion.
Newsmax CEO Christopher Ruddy stated that Trump Coin’s success has been “spectacular.” If acquired, the media agency would change into the primary NYSE-listed firm to buy Trump Coin.
Besides, Ruddy known as Bitcoin “the gold normal” of cryptocurrency. “We consider it will be an necessary firm marker so as to add this asset to our firm reserves,” he added.
First Digital Asst Purchase Imminent
Further, Newsmax is planning to make its first crypto buy quickly, the official assertion stated. However, the corporate didn’t furnish particulars about the way it plans to fund the initiative.
“Additional cryptocurrency acquisitions will probably be evaluated primarily based on market circumstances, operational necessities and strategic aims.”
The strategic crypto accumulation plan comes six months after President Trump unveiled a “nationwide strategic Bitcoin reserve.” The fund is predicted to start with forfeited authorities crypto belongings and later develop with a digital asset stockpile.
Following the announcement of a strategic Bitcoin reserve, Newsmax’s (NMAX) shares slumped practically 4% on the New York Stock Exchange.
Per Yahoo Finance data, the shares are buying and selling at $10.83, sliding amid elevated macro volatility. The firm began buying and selling on the NYSE in March 2025, following a $300 million IPO providing.
Meanwhile, Bitcoin is down 5.31%, buying and selling at $105,227 at press time. Bitcoin, which just lately hit a report high of $126k on Oct. 6, has struggled to discover a grip since final week’s selloff, triggered by a wave of liquidations exceeding $19 billion. Trump Coin (TRUMP) can also be experiencing a steep plunge of 6.6% prior to now 24 hours, now buying and selling at $5.64.
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