US Stocks: Trump Family Company Finances Establishment of Bitcoin Treasury

These companies are learning from MicroStrategy to finance the purchase of BTC, all with the bad intention of diluting shareholder equity $MSTR $MARA $DJT

The North American BTC conference has just concluded, and the Trump Media & Technology Group $DJT, controlled by the Trump family, announced the completion of $2.44 billion, ostensibly for the purchase of BTC spot. In the North American crypto big league, Saylor has been lobbying other companies to follow his lead in buying BTC. These listed companies know this is a trap; BTC is currently at a high price, and MicroStrategy is using its low-priced BTC as an example. If these listed companies now buy large amounts of BTC, they are just lifting MicroStrategy's platform. But why would these listed companies still engage in this?

The answer is the convenience of mixing in private interests. After MSTR, the first company to finance a large amount to buy BTC was North America's largest mining company $MARA, and the second was $DJT. Their financing amounts far exceed their corporate cash flow. MARA raised $2.2 billion last year, purchasing only $1.9 billion worth of BTC throughout the year, and this year has another $2 billion financing plan. Aside from acquiring BTC, the excess cash is used for debt repayment and operations. Saylor's MicroStrategy is an investment company with very low revenue costs, while MARA and DJT are different; they have actual businesses that require high operating costs to maintain revenue. Their massive financing can both directly dilute the debt-to-asset ratio significantly and conveniently raise operating funds. After all, without the cover of acquiring BTC, frequent financing to maintain operations would eventually face market skepticism.

"Trump Media will use the net proceeds of approximately $2.32 billion from this issuance to create a Bitcoin treasury and for other general corporate purposes and working capital."

DJT's financing of $2.44 billion includes $1.44 billion from new stock issuance and $1 billion from convertible bonds, with a net profit of $2.32 billion after commissions. It is currently unclear what proportion will be used to purchase BTC; the rest is just mixed-in private interests.

It is expected that more companies with poor balance sheets will follow this strategy in the future, but the effect on stock prices may not be as strong as anticipated, making it difficult to replicate MSTR's high premium performance.

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