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Newsmax Inc. (NYSE:NMAX) shares are higher in extended trading Thursday after the company announced a new asset reserve plan that involves purchasing cryptocurrencies.
What you need to know: Newsmax announced plans to join more than 100 public companies holding Bitcoin (CRYPTO: BTC) or other cryptocurrencies on their balance sheets after its board approved a strategic plan to buy up to $5 million worth of Bitcoin and Trump piece (CRYPTO: ASSET) over the next year.
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“Bitcoin is quickly becoming the gold standard in cryptocurrency, and we believe it would be an important marker for the company to add this asset to our company reserves,” said Christopher RuddyCEO of Newsmax.
“We are also excited to add Trump Coin to our cryptocurrency plan, as we believe the coin’s value should follow the success of the Trump presidency, which has been impressive so far.”
Newsmax expects to be the first NYSE-listed company to add Trump Coin to its strategic crypto reserve. The company plans to begin making cryptocurrency purchases in the “near future.”
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This item Newsmax Stock Pops Up as Firm Considers Buying Bitcoin and Trump Coin originally appeared on Benzinga.com
