Newsmax Allocates $5M for Bitcoin and Trump Coin
Media giant Newsmax has decided to invest in cryptocurrency. The company plans to buy up to $5 million in Bitcoin and Trump Coin. This move aligns wiht its strong support for Donald Trump.
On October 16, Newsmax’s board approved the purchase.CEO Christopher Ruddy explained, “Bitcoin is becoming the gold standard in crypto. Adding it to our reserves is a smart move.”
Newsmax will also buy the Official Trump (TRUMP) memecoin. Memecoins are usually not chosen by treasury firms. However, the market responded positively. NMAX stock rose 3% in after-hours trading.
Newsmax is the first firm to hold the Official Trump crypto. The investment is small compared to Newsmax’s $1.4 billion valuation. It’s more about branding than financial gain.
Newsmax is known for its pro-Trump stance. It positions itself as more conservative than Fox News. Ruddy said, “We believe Trump coin’s value will reflect the success of Trump’s presidency.”
Newsmax went public in March 2025. It raised $300 million through a private capital raise and IPO.
For more details, visit newsmax’s official website.
