Briefly
- Trump Media is planning to increase $3 billion to purchase cryptocurrencies, the Monetary Occasions reported on Monday, citing sources acquainted with the matter.
- The corporate is aiming to usher in $1 billion by means of convertible bonds and $2 billion in recent fairness.
- The Trump family-owned firm has made a number of forays into the crypto trade over the previous few months.
Trump Media & Expertise Group plans to increase $3 billion to buy numerous digital belongings, the Monetary Occasions reported as we speak, citing six individuals acquainted with the matter.
If the deal comes to fruition it might be yet one more signal of the corporate’s—and its homeowners’—deepening enmeshment with the cryptocurrency trade.
The Fact Social proprietor is aiming to rake in $2 billion in recent fairness and $1 billion by means of a convertible bond sale, the FT reported Monday. The ultimate particulars of the deliberate raises, together with their measurement and timing, are topic to change, in accordance to the FT.
TMTG didn’t instantly reply to Decrypt’s request for remark. In an announcement to the Monetary Occasions following publication of its story, the corporate seemingly denied the report: “Apparently the Monetary Occasions has dumb writers listening to even dumber sources,” the corporate mentioned, with out elaborating.
Trump Media inventory was buying and selling at $25.72 as of the time of writing, up 4% up to now 24 hours.
The report of the $3 billion increase comes as TMTG deepens its foray into the digital belongings market, and as U.S. President Donald Trump and his household strengthen their ties with crypto traders and corporations within the U.S. and overseas.
In January, the media firm introduced it might launch a fintech enterprise referred to as Truth.fi, which might facilitate traders’ access to Bitcoin and energy-based investments, in addition to different monetary merchandise. Two months later, TMTG struck a deal with buying and selling platform Crypto.com to provide a number of digital asset-based exchange-traded funds by means of Fact.fi.
The president’s household has additionally turn into more and more and extra straight concerned within the crypto world, launching a collection of NFT buying and selling playing cards and a pair of meme coins, which commerce beneath the TRUMP and MELANIA tickers, as well as to backing a decentralized finance projected referred to as World Liberty Monetary—all in simply the previous few months.
President Trump additionally held a dinner reception with greater than 200 prime traders in his Official Trump meme coin final week—a glitzy gala that attracted overwhelming criticism from the American public, politicians and press.
Editor’s observe: This story was up to date after publication to embrace extra particulars concerning President Trump’s crypto dealings, and to embrace an announcement from TMTG to the FT.
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