Newsmax has announced plans to invest up to $5 million in Bitcoin and Trump Coin over the next 12 months. CEO Christopher Ruddy, a confidant of President Trump, described Bitcoin as the gold standard of cryptocurrency. The move aims to add these assets to the company's reserves amid growing corporate adoption of digital currencies.
On Thursday, Newsmax revealed that its board has authorized a plan to purchase up to $5 million worth of Bitcoin and Trump Coin, subject to market conditions, over the next 12 months. This decision comes as the conservative cable news network seeks to diversify its reserves into cryptocurrencies.
CEO Christopher Ruddy, a close friend and confidant of President Trump, explained the rationale in a statement: “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.” He added enthusiasm for Trump Coin, stating, “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.”
The investment reflects broader trends in corporate finance. Newsmax expects to join more than 100 publicly traded firms that hold Bitcoin or other cryptocurrencies on their balance sheets. According to BitcoinTreasuries data cited by the company, public holdings account for more than 4.7% of all Bitcoin in circulation. Bitcoin's maximum total supply is 21 million, as noted by Investopedia.
Ruddy's announcement occurs amid his efforts to safeguard Newsmax, a 24/7 conservative channel, against competitive pressures. Recently, he opposed relaxing FCC ownership rules that would enable Nexstar Media Group to acquire rival TEGNA for $6.2 billion in an all-cash deal plus debt assumption. Despite Warren Buffett's past dismissal of cryptocurrency as 'rat poison squared,' Ruddy appears undeterred in embracing the asset class.