The share price of Trump Media plunged 10 percent on Tuesday morning after it announced it is raising $2.5 billion to create a Bitcoin treasury.

The company says it will sell approximately $1.5 billion in stock and $1 billion in convertible notes to a group of approximately 50 institutional investors to buy the cryptocurrency. Trump Media says the offering is expected to close on or about Thursday.

The company intends to create a Bitcoin treasury as it attempts to expand its reach into the American economy. “We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” Trump Media’s CEO, Devin Nunes, says. “It’s a big step forward in the Company’s plans to evolve into a holding company by acquiring additional profit-generating, crown jewel assets consistent with America First principles.”

The company says the investment will help defend it against “harassment and discrimination by financial institutions, which plague many Americans and U.S. firms.” The Bitcoin treasury will be held by Crypto.com and Anchorage Digital.

President Trump is the controlling shareholder of Trump Media, which is the parent company of Truth Social. His shares are held in a revocable trust.

Tuesday’s announcement is the latest push into cryptocurrency by Mr. Trump. Trump Media launched Truth.Fi earlier this year to operate as a finance company and plans to allocate around $250 million into cryptocurrency and other investments, the Wall Street Journal reported.

His family is also heavily involved in the crypto space through World Liberty Financial and American Bitcoin. Mr. Trump also held a dinner last week for the top buyers of his memecoin.

Mr. Trump signed an executive order in March to establish a Strategic Bitcoin Reserve and stockpile digital assets to be owned by the Department of the Treasury. It would be capitalized with Bitcoin obtained as part of criminal or civil asset forfeiture proceedings.

A growing number of companies are adding cryptocurrency to their holdings. Among them are Tesla, software company MicroStrategy, and healthcare-technology company Semler Scientific.

Bitcoin prices rose 1 percent on Tuesday morning after the announcement, near an all-time high.