Reporting · markets
Trump Media discloses 4,359 Bitcoin purchase funded by IBIT sales
Trump Media's latest Bitcoin buy was funded by BlackRock IBIT share sales, while nearly all of its holdings serve as collateral for convertible notes and options.
Quick take
- The company said it bought 4,359 Bitcoin last quarter, using proceeds from BlackRock IBIT share sales.
- Nearly all of its 15,649 Bitcoin holdings as of September 30 are pledged as collateral, including backing for $1 billion in convertible notes.
- Interim CEO Kevin McGurn said the company intends to pay the notes with cash and credit, although refinancing may not come on acceptable terms.
BeInCrypto reported that Trump Media disclosed a purchase of 4,359 Bitcoin made last quarter. The disclosure came on Monday during an earnings call, where chief financial officer Phillip Juhan credited sales of shares in BlackRock's IBIT fund for funding the buys.
As of September 30, the company held 15,649 Bitcoin, and nearly all of those holdings are pledged as collateral. According to the company's disclosure, 11,385.20 Bitcoin is committed to an options program and 4,260.73 Bitcoin backs 0% convertible notes.
The $1 billion in notes can demand cash repayment on November 30. Interim CEO Kevin McGurn said the company intends to pay with cash and credit, although refinancing may not come on acceptable terms.
Bitcoin was near $73,405 at the time, down about 12% since September 30. Separately, Trump called digital money dangerous on October 30.
Sources
Machine-written from the publishers’ reports and checked against them · How Dextape writes
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CoinGecko last prints. Not a Dextape quote.
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