Newsmax Inc. (NYSE:NMAX) today announced that the company's board of directors has authorized a strategic purchase plan of up to $5 million to purchase bitcoin and Official Trump Coin over the next 12 months, subject to market conditions.

Newsmax expects to join more than 100 public companies that hold bitcoin or other cryptocurrencies on their balance sheets. According to BitcoinTreasuries data, public company-held coin represents over 4.7% of total bitcoin in circulation.

Newsmax also plans to add Official Trump Coin to its strategic crypto reserve. The popular meme coin was launched earlier this year by President Donald Trump and the circulating coin value exceeds $1.2 billion today with a total coin market value of around $6 billion, according to figures from Coinbase.

"Bitcoin is fast becoming the gold standard of cryptocurrency, and we believe it would be an important company marker to add this asset to our company reserves," Newsmax CEO Christopher Ruddy said.

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