Trump Media & Technology Group (DJT) shares were up Friday after the company said it completed a private funding round with about 50 institutional investors, raising about $2.44 billion.

The deal included the sale of over 55 million shares at $25.72 each, raising around $1.44 billion, and $1 billion in convertible notes due in 2028, the company said.

Trump Media & Technology said it plans to use about $2.32 billion in net proceeds to build a bitcoin treasury and for corporate purposes and working capital. Crypto.com and Anchorage Digital will serve as custodians for the bitcoin treasury.

The company also said the bitcoin holdings will be added to its balance sheet alongside its existing $759 million in cash and short-term investments, as of the end of Q1.

Price: 21.87, Change: +1.04, Percent Change: +5.00