Media Firm Newsmax Plans Crypto Reserve – Eyes $5M Bitcoin, Trump Coin Purchase

Core Insights - Newsmax plans to purchase up to $5 million in Bitcoin and Trump Coin as part of its strategic crypto reserve initiative, approved by the Board of Directors [1][2] - The company aims to be the first NYSE-listed firm to acquire Trump Coin, which has a circulating value exceeding $1.2 billion [1][2] - Newsmax's shares fell nearly 4% following the announcement, trading at $10.83 amid macro volatility [4] Company Strategy - The first cryptocurrency purchase is imminent, although funding details have not been disclosed [3] - Future cryptocurrency acquisitions will depend on market conditions, operational needs, and strategic goals [3] - The strategic crypto accumulation follows President Trump's announcement of a "national strategic Bitcoin reserve" [3] Market Context - Bitcoin is currently trading at $105,227, down 5.31%, after reaching a record high of $126,000 on October 6 [5] - Trump Coin has also seen a decline of 6.6% in the past 24 hours, now priced at $5.64 [5]