The American media giant, Newsmax Media, has taken a significant step in the realm of cryptocurrency by deciding to add both Bitcoin 
$78,302 and TRUMP Coin to its balance sheet. In a recent press release, the company announced that its board of directors has approved a new 12-month plan to acquire up to 5 million dollars’ worth of cryptocurrency, contingent on market conditions.
Newsmax’s Strategic Shift Towards Cryptocurrency
Newsmax, valued at 1.4 billion dollars, is making waves with this strategic adjustment. CEO Christopher Ruddy has described Bitcoin as the “gold standard of the digital economy,” emphasizing the symbolic and strategic significance of TRUMP Coin. According to Ruddy, the value of TRUMP Coin is expected to closely follow Donald Trump’s performance as President.
This move positions the company as the first institution listed on the New York Stock Exchange (NYSE) to acquire TRUMP Coin, thereby joining over 100 other public companies that include cryptocurrency in their financial statements. Newsmax has also announced its efforts to develop secure storage solutions and collaborate with leading institutional cryptocurrency service providers to manage its reserves. The initial purchase is planned to occur in the near future.
Rising Institutional Interest in TRUMP Coin
Newsmax’s decision is one of many examples demonstrating the growing institutional interest in TRUMP Coin. A few months prior, Fight Fight Fight revealed plans to establish a 200 million dollar cryptocurrency treasury to support the altcoin‘s price stability and liquidity, aiming to expand this fund to 1 billion dollars in the long term.
Furthermore, GDC Holdings has announced plans to allocate a portion of its 300 million dollar share buyback program towards Bitcoin and TRUMP Coin. Additionally, in August, Canary Capital registered the establishment of a TRUMP Coin ETF in Delaware. Bloomberg analyst Eric Balchunas noted that this venture could be a preliminary step towards a SEC filing. The Trump family’s overall cryptocurrency value exceeding 1 billion dollars and preparations for a new “Trump Wallet” platform are bolstering market expectations.
According to CoinMarketCap data, TRUMP Coin was trading at 5.75 dollars at the time this article was prepared, representing a 5.21% drop in the last 24 hours. The altcoin’s all-time high was 75.35 dollars, which was recorded in January, placing the current price 92% below this peak.
