Newsmax Announces Strategic Crypto Reserve Plan, Plans to Purchase Up to $5M in Bitcoin and Trump Coin Over Next Year.

Newsmax, a media firm listed on the NYSE, plans to purchase up to $5 million in Bitcoin and Trump Coin as part of its strategic crypto reserve plans. The company's CEO calls Bitcoin "the gold standard" and Trump Coin's success "impressive." Newsmax's shares slumped nearly 4% after the announcement.

Newsmax, a media firm listed on the New York Stock Exchange (NYSE), has announced plans to purchase up to $5 million in Bitcoin and Trump Coin as part of its strategic crypto reserve plans, according to a Cryptopolitan report. The company's board of directors approved the plan on Thursday, with the first purchase expected soon.

Newsmax's CEO, Christopher Ruddy, described Bitcoin as "the gold standard" of cryptocurrency and expressed optimism about Trump Coin's success. "We believe it would be an important company marker to add this asset to our company reserves," Ruddy said, according to a Decrypt report. If acquired, Newsmax would become the first NYSE-listed company to purchase Trump Coin.

The company's shares slumped nearly 4% after the announcement, trading at $10.83 on the NYSE. Bitcoin and Trump Coin both experienced declines, with Bitcoin dropping 3% to $107,709 and Trump Coin falling 2.1% to $5.90, as noted by CryptoNews.

Newsmax's strategic crypto accumulation plan comes six months after President Trump unveiled a "national strategic Bitcoin reserve." The fund is expected to begin with forfeited government crypto assets and later grow with a digital asset stockpile.