Trump Media has raised more than $2.3 billion so it can buy bitcoin, propeling itself into the bitcoin treasury-reserve game.

Trump Media & Technology Group Corp., the company behind Truth Social, raised around $1.44 billion from selling stock at a price of $25.72 per share and raised about $1 billion in convertible bonds, to buy Bitcoin for its treasury.

Trump Media & Technology Group, the owner of social-media network Truth Social, on Friday said it had closed a sale of stock and debt worth $2.3 billion that it will use to invest in Bitcoin. The new issuance dilutes the shares of existing owners,