Trump Media announced it raised $2.5 billion from institutional investors to fund one of the largest bitcoin treasury allocations by a public company, marking a major shift from a social platform to a financial services player.

The company plans to buy $1.5 billion in common stock and $1 billion in convertible notes to invest in bitcoin, which will be held with Anchorage Digital and Crypto.com.

The move deepens Trump’s involvement in crypto, with plans for ETFs and digital asset products, CNBC has reported.

This comes as bitcoin nears record highs and amid rising Republican frustration with mainstream financial institutions.

Written by B.C. Begley