Pro-Trump media company Newsmax announced it would set up a $5 million Bitcoin and Trump Coin treasury.
Summary
- Media company Newsmax announced $5M Bitcoin and Trump Coin purchase
- The firm believes that the memecoin will track the success of Donald Trump’s presidency
- Newsmax is known for its staunch pro-Trump reporting, to the right of Fox News
Media giant Newsmax is doubling down on its MAGA credentials. On Thursday, Oct. 16, the Newsmax board of directors approved a strategic plan to purchase up to $5 million worth of Bitcoin and Trump Coin.
“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,” Newsmax CEO Christopher Ruddy said.
In addition to Bitcoin (BTC), Newsmax will also hold the Official Trump (TRUMP) memecoin. The move has raised eyebrows, as memecoins are not a typical choice for treasury firms. Despite this, the market reaction was positive, with NMAX stock rising 3% in after-hours trading.
Newsmax becomes the first firm to hold the Official Trump crypto
It is unlikely that NMAX’s Bitcoin and Official Trump holdings will give investors any meaningful exposure to crypto. Unlike with major treasury firms, Newsmax’s $5 million in Bitcoin and the Trump memecoin are insignificant compared with its $1.4 billion valuation.
Instead, the move appears to be more linked to branding, enabling the firm to show off its ideological credentials. Notably, Newsmax is known for its staunch pro-Trump reporting and has positioned itself to the right of Fox News.
“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,” Ruddy continued.
Newsmax listed on the NYSE in March 2025, after a private preferred capital raise and IPO offering, when it raised $300 million.
