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Newsmax Inc (NYSE:NMAX) shares are rising in extended trading on Thursday after the company announced a new asset reserve plan that involves buying cryptocurrencies.
What To Know: Newsmax said it plans to join more than 100 public companies holding Bitcoin (CRYPTO: BTC) or other crypto on their balance sheets after its board approved a strategic plan to purchase up to $5 million Bitcoin and Trump Coin (CRYPTO: TRUMP) over the next year.
“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,” said Christopher Ruddy, CEO of Newsmax.
“We are also excited to add Trump Coin to our cryptocurrency plan, as we believe the coin’s value should track the success of the Trump presidency, which so far has been impressive.”
Newsmax expects to be the first company listed on the New York Stock Exchange to add Trump Coin to its strategic crypto reserve. The company plans to start making crypto purchases in the “near future.”
By now, you're likely curious about how to participate in the market for Newsmax — be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option or sell a call option at a strike price above where shares are currently trading — either way, it allows you to profit from the share price decline.
NMAX Price Action: Newsmax shares were up 3.51% in after-hours, trading at $11.21 at the time of publication on Thursday, according to Benzinga Pro.
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