Newsmax shares climbed after announcing plans to buy up to $5M in Bitcoin and Trump Coin for its asset reserves. CEO Christopher Ruddy said Bitcoin is the “gold standard,” while Trump Coin’s value will mirror Trump’s success.
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Newsmax shares rose in extended trading on Thursday after the media company unveiled a new asset reserve plan that includes purchasing cryptocurrencies, according to Benzinga.
00:10Newsmax said its board approved a proposal to acquire up to $5 million of Bitcoin and Trumpcoin over the next year.
00:16CEO Christopher Ruddy called Bitcoin the gold standard of cryptocurrency and said the company believes adding it would strengthen its reserves.
00:22He added that Trumpcoin's value should track the success of the Trump presidency.
00:26Newsmax expects to be the first NYSE listed firm to include Trumpcoin in its corporate reserve and plans to begin purchases soon.
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