The Trump Media and Technology Group reportedly plans to raise $3 billion to purchase cryptocurrencies.
The fund generation will consist of $2 billion in fresh equity and $1 billion from convertible note sales.
The company previously shared its plans to acquire cryptocurrencies through its Truth.Fi platform.
Trump Media and Technology Group (TMTG) aims to raise $3 billion, comprising $2 billion of new equity and $1 billion from convertible notes, to acquire cryptocurrencies, The Financial Times reported on Monday.
Trump Media Group allegedly set to make $3 billion worth of crypto purchases
Trump Media and Technology Group (TMTG), the Trump-backed company behind social media platform Truth Social and Truth+, is planning to raise $3 billion to invest in cryptocurrencies, according to The Financial Times.
The report stated that the company plans to raise $2 billion from new equity issuance and $1 billion through convertible note offerings. However, the plan is still subject to change, including its terms and timeline for execution, the Financial Times added, citing sources familiar with the matter.
TMTG could announce the alleged capital raising plan at the Bitcoin Conference in Las Vegas, where President Donald Trump's sons, Eric and Donald Jr and Vice President JD Vance, are expected to speak.
However, TMTG blasted The Financial Times report, referring to its writers as "dumb" and the sources as "even dumber," according to a statement cited in the article.
The new development follows TMTG's recent venture into digital assets, intending to acquire cryptocurrencies and exchange-traded funds (ETFs) through its Fintech arm Truth.Fi. In January, the company announced the launch of Truth.Fi, with plans to invest up to $250 million in digital assets, including Bitcoin, other cryptocurrencies, ETFs and separately managed accounts (SMAs), as part of a broader diversification strategy.
While the products are set to launch in 2025, the company is already working to partner with Crypto.com as the custodian for these investments.
Trump Media also announced in April that it would launch a native utility token and digital wallet as part of a broader strategy to monetize Truth Social and the Truth+ streaming platform.
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