News media company Newsmax's board authorized the purchase of up to $5 million in Bitcoin and Trump Coin

ChainCatcher news, the New York Stock Exchange-listed media company Newsmax Inc. (NYSE: NMAX) announced that its board of directors has authorized a strategic purchase plan to buy up to $5 million in Bitcoin and Trump Coin over the next 12 months, with the specific execution depending on market conditions.

Newsmax expects to join over 100 publicly traded companies that hold Bitcoin or other cryptocurrencies on their balance sheets. Newsmax CEO Christopher Ruddy stated that Bitcoin is rapidly becoming the gold standard of cryptocurrencies, and the company believes that adding this asset to its reserves is of significant importance.