Trump Media and Technology Group Corp. (NASDAQ: DJT, NYSE: DJT), operator of the social media platform Truth Social, the streaming platform Truth+, and the fintech brand Truth.Fi, entered into subscription agreements with approximately 50 institutional investors for a private placement offering comprising $1.5 billion in common stock and $1 billion in convertible senior secured notes. The offering closed on May 29, 2025.

Yorkville Securities, LLC and Clear Street LLC acted as co-lead placement agents, with BTIG, LLC and Cohen & Company Capital Markets acting as co-placement agents. Reed Smith acted for the placement agents in the transaction.

“Recent deals in the crypto arena clearly showcase the rapidly accelerating momentum in the market. This latest transaction, along with several others in recent weeks, is a powerful testament to the surging interest, confidence and investment pouring into the space,” said Constantine Karides, chair of Reed Smith's Crypto and Digital Assets Group.

The $2.5 billion offering, comprising approximately $1.5 billion in Trump Media common stock at the last market price and $1 billion in convertible notes at a conversion price equal to a 35 percent premium, will place bitcoin on Trump Media’s balance sheet alongside existing cash, cash equivalents and short-term investments totaling $759 million as of the end of the first quarter of 2025.

The Reed Smith team was led by Karides, along with capital markets partners Anne Peetz and Katherine Geddes.

Reed Smith recently served as legal counsel on the merger between health care company KindlyMD, Inc. (NASDAQ: KDLY) and Nakamoto Holdings Inc., a bitcoin-native holding company, to start a bitcoin treasury strategy.