Newsmax Allocates $5M for Bitcoin and Trump Coin
Media giant Newsmax has decided to invest up to $5 million in Bitcoin and Trump Coin. This move was announced by the company’s board on October 16.
Christopher Ruddy, CEO of Newsmax, stated, “Bitcoin is quickly becoming the gold standard in the crypto world. Adding this asset to our reserves is a significant step for us.” The company also plans to hold the Official Trump (TRUMP) memecoin.
Memecoins are not usually chosen by treasury firms, but the market responded positively. NMAX stock saw a 3% rise in after-hours trading.
Newsmax is the frist company to hold the Official Trump crypto. Though, this investment is unlikely to give investors meaningful crypto exposure. The $5 million is small compared to Newsmax’s $1.4 billion valuation.
The move seems more about branding. It allows Newsmax to showcase its pro-Trump stance. Newsmax is known for its strong support for Trump, even more so than Fox News.
Ruddy added, “We are thrilled to include Trump Coin in our crypto strategy. We believe its value will reflect the success of Trump’s presidency.”
Newsmax whent public on the NYSE in March 2025, raising $300 million through a private preferred capital raise and IPO.
