Newsmax, a publicly traded media company, is diving into the world of digital assets by creating a treasury focused on Bitcoin and Donald Trump’s meme coin on the Solana network. The company plans to acquire up to $5 million of these assets over the next year. Newsmax CEO Christopher Ruddy sees Bitcoin as the gold standard of cryptocurrency and believes Trump Coin’s value will reflect the success of the Trump presidency. While Newsmax shares dropped 4% on Thursday, they rebounded by more than 4% in after-hours trading. Both Bitcoin and TRUMP saw dips in value, with TRUMP now trading at $5.90. Newsmax joins Trump Media in incorporating digital assets into their business strategy. If Newsmax uses all $5 million to purchase Bitcoin, it would only acquire around 46 BTC, ranking it outside the top 100 holders. The company plans to fund these purchases from its capital funds and was inspired by successful moves made by other companies in the treasury space.

Read more at Yahoo Finance: Newsmax Reveals Bitcoin, Trump Meme Coin Treasury