News outlet operator Newsmax has announced plans to purchase up to $5 million in Bitcoin and Trump Coin over the next year, as a part of its strategic crypto reserve plans. Newsmax said that the company’s Board of Directors have approved the plan on Thursday.
Apart from Bitcoin accumulation, Newsmax is looking to add official Trump Coin, given its circulating value surpassing $1.2 billion.
Newsmax CEO Christopher Ruddy said that Trump Coin’s success has been “impressive.” If acquired, the media firm would become the first NYSE-listed company to purchase Trump Coin.
Besides, Ruddy called Bitcoin “the gold standard” of cryptocurrency. “We believe it would be an important company marker to add this asset to our company reserves,” he added.
First Digital Asst Purchase Imminent
Further, Newsmax is planning to make its first crypto purchase soon, the official statement said. However, the company did not furnish details about how it plans to fund the initiative.
“Additional cryptocurrency acquisitions will be evaluated based on market conditions, operational requirements and strategic objectives.”
The strategic crypto accumulation plan comes six months after President Trump unveiled a “national strategic Bitcoin reserve.” The fund is expected to begin with forfeited government crypto assets and later grow with a digital asset stockpile.
Newsmax Shares Drop Nearly 4%
Following the announcement of a strategic Bitcoin reserve, Newsmax’s (NMAX) shares slumped nearly 4% on the New York Stock Exchange.
Per Yahoo Finance data, the shares are trading at $10.83, sliding amid increased macro volatility. The company started trading on the NYSE in March 2025, following a $300 million IPO offering.
Meanwhile, Bitcoin is down 5.31%, trading at $105,227 at press time. Bitcoin, which recently hit a record high of $126k on Oct. 6, has struggled to find a grip since last week’s selloff, triggered by a wave of liquidations exceeding $19 billion. Trump Coin (TRUMP) is also experiencing a steep plunge of 6.6% in the past 24 hours, now trading at $5.64.
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