A growing trend among listed companies to diversify their treasuries through digital assets has gained further momentum. Newsmax Inc. (NYSE: NMAX) announced on Oct. 16 that its board has approved “a strategic purchase plan of up to $5 million to purchase bitcoin and Trump Coin over the next 12 months, subject to market conditions.”
With this initiative, the media company joins more than 100 public firms holding cryptocurrency on their balance sheets, representing over 4.7% of all bitcoin in circulation, according to BitcoinTreasuries data. Newsmax CEO Christopher Ruddy said:
Bitcoin is fast becoming the gold standard of cryptocurrency, and we believe it would be an important company marker to add this asset to our company reserves.
“We are also excited to add Trump Coin to our cryptocurrency plan, as we believe the coin’s value should track the success of the Trump presidency, which so far has been impressive,” the executive continued.
The company explained: “Newsmax also plans to add official Trump Coin to its strategic crypto reserve. The popular meme coin was launched earlier this year by President Trump and the circulating coin value exceeds $1.2 billion today with a total coin market value of around $6 billion, according to figures from Coinbase.” The company expects to become the first New York Stock Exchange-listed firm to include Trump Coin as part of its reserves, underscoring its confidence in both mainstream and politically-linked digital assets.
Initial cryptocurrency acquisitions are expected to begin shortly, with further purchases assessed based on evolving market and operational considerations. Newsmax stated that it has created comprehensive custody and management protocols in partnership with institutional crypto service providers to ensure secure asset handling. The move follows President Trump’s earlier creation of a Strategic Bitcoin Reserve for the United States, further linking government policy trends with corporate crypto adoption strategies.
- Why is Newsmax adding bitcoin and Trump Coin to its reserves?
Newsmax aims to diversify its treasury with high-growth digital assets that align with both market trends and political momentum. - How much does Newsmax plan to invest in cryptocurrency?
The company has approved a strategic purchase plan of up to $5 million in bitcoin and Trump Coin over the next 12 months. - What makes Trump Coin a strategic asset for Newsmax?
Newsmax sees Trump Coin as a value proxy tied to the success of the Trump presidency, with a growing market cap and cultural relevance. - How will Newsmax ensure the secure management of its cryptocurrency assets?
The company has partnered with institutional crypto custody providers to implement advanced security, storage, and compliance protocols for its bitcoin and Trump Coin holdings.
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