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Trump Media & Technology Group (TMTG), partially owned by President Trump, has reversed its stance and confirmed it will raise $2.5 billion to purchase bitcoin, after previously denying reports about the deal.

According to a company announcement released Tuesday, the funding includes $1.5 billion from a stock offering and $1 billion in zero-coupon secured convertible bonds. The transaction is expected to close on May 29.

TMTG CEO Devin Nunes stated, “We view bitcoin as the premier tool for achieving financial freedom, and now Trump Media will make cryptocurrency a key component of our asset portfolio. This investment will help protect our company from harassment and discrimination by financial institutions.”

TMTG confirms $2.5 billion investment in bitcoin.