In brief
- Trump Media is planning to raise $3 billion to buy cryptocurrencies, the Financial Times reported on Monday, citing sources familiar with the matter.
- The company is aiming to bring in $1 billion through convertible bonds and $2 billion in fresh equity.
- The Trump family-owned company has made several forays into the crypto industry over the past few months.
Trump Media & Technology Group plans to raise $3 billion to purchase various digital assets, the Financial Times reported today, citing six people familiar with the matter.
If the deal comes to fruition it would be yet another sign of the company’s—and its owners’—deepening enmeshment with the cryptocurrency industry.
The Truth Social owner is aiming to rake in $2 billion in fresh equity and $1 billion through a convertible bond sale, the FT reported Monday. The final details of the planned raises, including their size and timing, are subject to change, according to the FT.
TMTG did not immediately respond to Decrypt’s request for comment. In a statement to the Financial Times following publication of its story, the company seemingly denied the report: “Apparently the Financial Times has dumb writers listening to even dumber sources,” the company said, without elaborating.
Trump Media stock was trading at $25.72 as of the time of writing, up 4% in the past 24 hours.
The report of the $3 billion raise comes as TMTG deepens its foray into the digital assets market, and as U.S. President Donald Trump and his family strengthen their ties with crypto investors and companies in the U.S. and abroad.
In January, the media company announced it would launch a fintech business called Truth.fi, which would facilitate investors’ access to Bitcoin and energy-based investments, as well as other financial products. Two months later, TMTG struck a deal with trading platform Crypto.com to offer several digital asset-based exchange-traded funds through Truth.fi.
The president’s family has also become increasingly and more directly involved in the crypto world, launching a series of NFT trading cards and a pair of meme coins, which trade under the TRUMP and MELANIA tickers, in addition to backing a decentralized finance projected called World Liberty Financial—all in just the past few months.
President Trump also held a dinner reception with more than 200 top investors in his Official Trump meme coin last week—a glitzy gala that attracted overwhelming criticism from the American public, politicians and press.
Editor’s note: This story was updated after publication to include additional details regarding President Trump’s crypto dealings, and to include a statement from TMTG to the FT.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.