American media giant Newsmax Mediaturning to crypto money investments and 
$105,106.73He decided to add both TRUMP Coin to his balance sheet. The company made in the press release Within the scope of the new 12-month plan approved by the board of directors, it will purchase up to $ 5 million of crypto money depending on market conditions.
Cryptocurrency Era in Newsmax’s Corporate Strategy
CEO of Newsmax, valued at $1.4 billion Christopher RuddyWhile he described Bitcoin as the “gold standard of the digital economy”, he emphasized that TRUMP Coin is a symbolic and strategic asset. According to Ruddy TRUMP CoinThe value of will move in parallel with Donald Trump’s presidential performance.
The company, with the said plan New York Stock ExchangeIt will also be the first institution traded on NYSE (NYSE) to purchase TRUMP Coin. Thus, it will join more than 100 publicly traded companies that hold cryptocurrencies on their balance sheets. Newsmax also announced that it is developing secure custody solutions and collaborating with leading institutional cryptocurrency service providers for reserve management. The first purchase is planned to be made shortly.
Institutional Interest in TRUMP Coin Grows
Newsmax’s step is considered a new example of the increase in institutional interest in TRUMP Coin. In the past months Fight Fight Fightannounced that it would establish a $200 million cryptocurrency treasury (DAT) to support the price stability and liquidity of the altcoin. This amount is planned to be increased up to 1 billion dollars in the long term.
On the other hand GDC Holdingsannounced that it will direct some of the funds it will obtain within the scope of the $ 300 million share repurchase program to Bitcoin and TRUMP coin. Additionally, the TRUMP Coin ETF was registered in Delaware by Canary Capital in August. Bloomberg analyst Eric Balchunasstated that this initiative could be a preliminary stage of an SEC filing. The total value of the Trump family’s cryptocurrencies exceeding $1 billion and the preparations for the new “Trump Wallet” platform also strengthen the market’s expectations.
According to CoinMarketCap data, TRUMP coin is trading at $5.75, down 5.21 percent in the last 24 hours, at the time of writing. The all-time high for the altcoin was recorded in January at $75.35. Current prices are 92 percent away from their all-time high.
