Trump Media & Technology Group, the company behind Truth Social, plans to raise about $3 billion to invest in cryptocurrencies such as bitcoin.
According to the Financial Times, the company wants to raise $2 billion in new equity and $1 billion through a convertible bond.
The exact details and timing of the fundraising may still change. This move fits with Trump Media’s goal to expand into financial services. The company is also working on launching retail investment products related to cryptocurrencies and exchange-traded funds.
This plan comes as government regulators increase their scrutiny of crypto-related activities. The announcement may come during a big cryptocurrency investor event this week, where Vice President JD Vance and Trump’s sons, Donald Jr. and Eric, are expected to speak.
Bitcoin’s price went up by 1.5% after the news, its biggest gain in several days.
Trump Media called the reports from Reuters and the Financial Times “fake news.”
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