The Trump family media company plans to raise $3 billion to buy cryptocurrencies, the Financial Times reported Monday.
Trump Media and Technology Group (TMTG), which owns the Truth Social platform, aims to raise $2 billion in new equity and another $1 billion via a convertible bond, sources told the media outlet.
TMTG's plan to raise capital could be announced ahead of a bitcoin conference beginning Tuesday in Las Vegas, Nevada, where Vice President JD Vance, President Donald Trump's sons Donald Jr. and Eric, and Trump's crypto czar, David Sachs, are expected to speak, the Financial Times added.
The report said the terms, timing, and size of TMTG's capital raising still could change.
In a statement, TMTG said, "Apparently the Financial Times has dumb writers listening to even dumber sources."
The price of bitcoin rose to a record high of $109,000 last week.
President Trump has championed cryptocurrency, even signing an executive order in early March to establish a strategic bitcoin reserve and a U.S. digital asset stockpile.
In January, just four days after taking office, Trump signed an executive order to establish regulatory clarity for digital financial technology and secure America's position as the world's leader in the digital asset economy, driving innovation and economic opportunity for all Americans.
The Trump family already has invested in an NFT (non-fungible token) trading card, two memecoins, crypto mining venture American Bitcoin, and stablecoin backer World Liberty Financial, the Financial Times reported.
In April, TMTG announced a binding agreement to partner with trading platform Crypto.com and asset management firm Yorkville America Digital to launch a series of exchange-traded funds and exchange-traded products through the Truth.Fi brand.
The ETFs, made available through Crypto.com's broker dealer Foris Capital US LLC, are expected to comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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