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Media company Newsmax Inc. has joined a growing wave of public firms adding cryptocurrency to their balance sheets. The company announced on October 16 that its board approved a strategic digital asset purchase plan of up to $5 million, aimed at acquiring bitcoin and Trump Coin over the next 12 months, depending on market conditions.
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The initiative places Newsmax among a rising number of companies seeking to diversify their reserves through digital assets. According to BitcoinTreasuries data, over 100 public companies now collectively hold more than 4.7% of all bitcoin in circulation.
Newsmax CEO Christopher Ruddy said the move aligns with the company’s view of bitcoin as a reliable store of value.
“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,” Ruddy said.
He added that the firm’s crypto diversification also includes the Trump Coin, a politically themed token launched earlier this year.
“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,” Ruddy continued.
Newsmax outlined its intention to hold both bitcoin and Trump Coin as part of a long-term strategic reserve, positioning itself as the first New York Stock Exchange-listed company to include the meme-inspired Trump Coin within its treasury mix.
The company cited data from Coinbase, noting that the circulating value of Trump Coin exceeds $1.2 billion, with a total market capitalization near $6 billion.
Initial acquisitions are expected to begin soon, with further purchases evaluated based on market conditions and operational requirements. To ensure safe management, Newsmax said it has partnered with institutional-grade custody providers and developed comprehensive digital asset controls.