Reporting · markets
Trump Media pledges most of its bitcoin and faces $1 billion note demand
Trump Media pledged bitcoin to a yield program and faces a $1 billion note demand for cash on Nov. 30.
Quick take
- Seventy-three percent of Trump Media's bitcoin is pledged to a yield management program.
- From Nov. 30, the company's $1 billion of convertible notes gives holders the right to demand cash.
- The company's interim CEO says the plan mixes cash and credit, which matters because the pledged coins can be reused by an unnamed counterparty.
Bitcoin Magazine reported that Trump Media has pledged about 11,385.20 bitcoin, or 73% of its holdings, to a yield management program. Those pledged coins had a fair value of $951.4 million at the end of the quarter, and the company posted third-quarter net income of $409.7 million, driven by bitcoin gains.
The counterparty holding the pledged bitcoin can reuse those coins at its own discretion. The company's 10-Q filing does not name that counterparty. Separately, the company held about 15,649 bitcoin on Sept. 30, and it has pledged 4,260.73 BTC as collateral for its convertible notes.
The $1 billion in 0% senior secured convertible notes, due May 2028, gives holders the right to demand cash on Nov. 30. Interim CEO Kevin McGurn said the plan combines cash and credit to meet that obligation. The company may seek a new credit facility, but it gave no assurance that acceptable terms would be available.
As of Tuesday, bitcoin traded near $74,200, about $145 million below its quarter-end value, according to the report.
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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