Newsmax stock ticks higher amid plans to establish $5 million crypto treasury with Trump token, bitcoin

Newsmax Inc (NMAX), the holding company for the right-wing television station, announced its board authorized a strategic purchase plan of up to $5 million to establish a Digital Asset Treasury (DAT) over the next year, subject to market conditions. This treasury will be built using bitcoin and the Official Trump (TRUMP) memecoin, with Newsmax expecting to be the first NYSE-listed company to acquire the Trump Coin. CEO Christopher Ruddy stated that bitcoin is becoming the gold standard, and they are excited to add Trump Coin, believing its value should track the success of the Trump presidency. The TRUMP token has seen a significant decline since its debut, while bitcoin has recently slid below $104,000. Newsmax shares traded up about 2.5% on Friday, despite being down over 80% since its March public listing.

(Source：The Block)