Trump Media & Technology Group is planning to raise as much as $3 billion to invest in cryptocurrencies like Bitcoin, signaling a bold bet on digital assets as the president’s administration pushes to make the US a global crypto hub.
The media company behind Truth Social, which is controlled by the Trump family, is aiming to secure $2 billion in new equity and an additional $1 billion through a convertible bond offering, people familiar with the plans told Financial Times.
The announcement could come as soon as this week, just ahead of a major crypto investor summit in Las Vegas where Vice President JD Vance, Donald Trump Jr., Eric Trump and Trump’s crypto adviser David Sachs are all expected to speak, according to FT.
The Post has sought comment from TMTG and the White House.
The deal’s size, timing and structure are still being finalized, FT reported.
Two sources told the newspaper that the offering had grown in recent weeks due to strong investor interest.
In a statement, TMTG lashed out at media coverage of the plans, saying, “Apparently the Financial Times has dumb writers listening to even dumber sources,” but did not provide further details.
Representatives for Donald Trump Jr. declined to comment and the White House also did not respond.
The funding effort is the latest example of the Trump family’s growing embrace of cryptocurrency, raising fresh questions about potential conflicts of interest as the president actively champions the sector.
Trump has pledged to turn the US into the “crypto capital of the world,” and the price of bitcoin has surged, hitting a record high of $109,000 last week.
TMTG’s approach mirrors that of companies like MicroStrategy, now known as Strategy, which has seen its market value soar past $100 billion after converting debt and equity into bitcoin holdings.
TMTG shares closed Friday at $25.72, giving the company a market capitalization of nearly $6 billion.
The new equity will be issued on an at-the-market basis, meaning shares will be sold close to the current price.
The Trump family’s involvement in crypto has accelerated over the past year. Their ventures include NFT trading cards, two memecoins and investments in crypto firms like American Bitcoin and World Liberty Financial.
TMTG also plans to launch a cryptocurrency-focused exchange-traded fund.
Last week, Trump hosted a private gala for top investors in his memecoin project at his resort near Washington, DC.
ClearStreet and BTIG are expected to serve as underwriters on the deal.
Trump transferred his 53% stake in TMTG to a revocable trust overseen by Donald Trump Jr. following last year’s re-election — giving his son full control over the holdings.
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