Trump Media & Technology Group, the company behind the social media platform Truth Social, is reportedly planning to raise around $3 billion to invest in cryptocurrencies, including Bitcoin (BTC).
This move, highlighted in a recent Financial Times report, aims to secure $2 billion in fresh equity and an additional $1 billion through a convertible bond. However, the details surrounding this capital raise, including its timing and size, may still be subject to change.
Trump Media Dismisses Reports As ‘Fake News’
In response to inquiries regarding the report, the President’s media company dismissed both Reuters and the Financial Times as “fake news” outlets, while the White House has not yet commented on the matter.
The company has been actively exploring potential mergers and acquisitions to diversify its offerings into financial services, signaling a strategic shift beyond its original social media focus.
Last month, Trump Media reached a binding agreement to launch various retail investment products, aligning with Trump’s America First policies.
These products are expected to include cryptocurrency investments and exchange-traded funds (ETFs), although the initiative has drawn scrutiny from government ethics and regulatory authorities.
The anticipated capital raise, yet to be publicly confirmed by the President’s working group, is set to coincide with a major meeting for cryptocurrency investors and advocates this week, where figures such as Vice President JD Vance and Trump’s sons, Donald Jr. and Eric, are expected to speak.
Critics Slam The President’s Cryptocurrency Dinner
This meeting follows an exclusive dinner hosted by President Trump for top investors in his cryptocurrency memecoin, TRUMP, held at his golf club outside Washington, D.C.
This event attracted approximately 220 of the largest purchasers of the TRUMP memecoin, which was launched just days before Trump’s inauguration.
Critics have labeled the dinner as a glaring example of corruption and conflict of interest, with protesters gathering outside the venue holding signs that read “stop crypto corruption” and “no kings.”
Democratic Senator Elizabeth Warren and other opponents condemned the dinner during a press conference, branding it an “orgy of corruption.”
The ethical implications of Trump’s ventures into the cryptocurrency space have raised significant concerns among critics, particularly regarding the intersection of politics and personal profit.
Beyond his personal investments, Trump’s family is also heavily involved in the cryptocurrency sector. Donald Jr. and Eric Trump have been engaged in various ventures, including American Bitcoin, a new Bitcoin mining company in collaboration with Hut 8.
At the time of writing, the market’s leading cryptocurrency, Bitcoin, trades just above the $109,400 mark, registering a notable 15% surge in the monthly time frame.
The President’s official memecoin, on the other hand, records a 19% drop toward $12.71 in the same period, as the exclusive dinner party failed to boost the token’s price.
Featured image from CNBC, chart from TradingView.com
