What happened?
Newsmax’s board approved a plan to buy up to $5 million in Bitcoin and Trump Coin over the next year. CEO Christopher Ruddy called Bitcoin “the gold standard” and said the company is looking to add official Trump Coin, which has a circulating value above $1.2 billion. The company says it will make a first crypto purchase soon but hasn’t explained how it will fund the buys.
Who does this affect?
Newsmax shareholders are directly affected — the stock slid nearly 4% after the announcement. Crypto investors and traders saw quick price moves, with Bitcoin down roughly 5% and Trump Coin falling about 6.6%. Other public companies, institutional investors and market watchers may also be paying attention as this could set a precedent for corporate crypto reserves.
Why does this matter?
Even though $5 million is small compared with overall crypto market size, the move is symbolic and could encourage other NYSE-listed firms to consider holding digital assets, which would change demand dynamics. The announcement already increased volatility in both Newsmax shares and crypto prices, showing how corporate decisions can spill into markets. For traders and portfolio managers, that means more headline-driven swings and a tighter link between corporate actions and crypto market sentiment.