Newsmax Inc (ticker NMAX), the NYSE-listed holding company behind the right-wing television station, announced late Thursday plans to create a digital asset treasury (DAT) built from bitcoin and the president's memecoin, Official Trump (TRUMP).
The company's board authorized a strategic purchase plan of up to $5 million to purchase the coins over the next 12 months, subject to market conditions. Newsmax said it expects to be the first NYSE company to purchase the 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 a release. "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."
Since peaking earlier this month, the stacked crypto holdings among public companies sit around $125 billion, The Block's data dashboard shows.
After making its debut the weekend before President Donald Trump's inauguration in January, the TRUMP token has been on a steady downward slide. It currently trades for around $5.73 with a market capitalization of $1.1 billion and a fully diluted valuation of $5.7 billion, according to The Block's data.
Meanwhile, the price of bitcoin slid below $104,000 this week as the market shows "extreme fear" under current macro headwinds, The Block previously reported.
Newsmax anticipates making the first tranche of cryptocurrency purchases "in the near future," according to the release. Additional cryptocurrency acquisitions will be evaluated based on market conditions, operational requirements, and strategic objectives.
The conservative outlet listed on the NYSE in March following a private preferred raise and Regulation A+ IPO offering that raised $300 million. Shares traded up about 2.5% in Friday's session, giving the company a market cap of around $1.4 billion. Shares are down more than 80% since going public earlier this year.
