Reed Smith Successfully Advises on Trump Media's $2.5 Billion Bitcoin Deal

Reed Smith's Role in Trump Media's Bitcoin Acquisition

On June 13, 2025, global law firm Reed Smith announced its role as legal counsel for placement agents involved in Trump Media and Technology Group Corp.'s impressive $2.5 billion bitcoin treasury acquisition. This marks one of the largest cryptocurrency treasury acquisitions by any public corporation to date.

Trump Media and Technology Group Corp., known for its platforms like Truth Social and Truth+, engaged in subscription agreements with around 50 institutional investors for a private placement offering that consisted of nearly $1.5 billion in common stock alongside $1 billion in convertible senior secured notes. The closure of this deal was officially recorded on May 29, 2025.

The collaboration saw Yorkville Securities, LLC and Clear Street LLC acting as co-lead placement agents, with BTIG, LLC and Cohen Company Capital Markets as co-placement agents. Reed Smith’s assistance was pivotal in ensuring the transaction ran smoothly, providing legal insights and guidance throughout the process.

Constantine Karides, chair of Reed Smith's Crypto and Digital Assets Group, reflected on the increasing momentum in the cryptocurrency market, stating that recent deals demonstrate a significant surge in investor interest and confidence in cryptocurrencies. The $2.5 billion offering will add valuable bitcoin assets to Trump Media's balance sheet, alongside existing assets of cash and investments amounting to $759 million as of Q1 2025.

The transaction’s structure consists of approximately $1.5 billion in common stock priced at the latest market valuation and $1 billion in convertible notes set to convert at a 35% premium. This strategic move indicates Trump Media's intention to solidify its financial standing in the evolving crypto landscape.

Reed Smith’s legal team, led by Constantine Karides, included capital markets partners Anne Peetz and Katherine Geddes, emphasizing the firm’s dedication to optimizing its client’s initiatives in complex financial transactions.

In addition to the Trump Media deal, Reed Smith also recently served as legal counsel in the merger between KindlyMD, Inc. and Nakamoto Holdings Inc., further demonstrating its expansive expertise within the cryptocurrency sector.

About Reed Smith

Reed Smith is an innovative international law firm renowned for its comprehensive legal services that adapt to changing market demands. The firm prides itself on its inclusive culture and dedication to driving successful outcomes for clients. Combining extensive industry knowledge with collaborative strategies, Reed Smith continuously positions itself as a leader contributing to complex transactions, regulatory challenges, and dispute resolutions.