Trump Media to raise $3 billion to spend on cryptocurrencies, FT reports [View all]
Source: Yahoo! News/Reuters
Mon, May 26, 2025 at 12:12 PM EDT
(Reuters) -U.S. President Donald Trump's social media firm, Trump Media & Technology Group, plans to raise about $3 billion to spend on cryptocurrencies such as bitcoin, the Financial Times reported on Monday, citing people familiar with the matter. Trump Media aims to raise $2 billion in fresh equity and $1 billion more through a convertible bond, the report said.
The terms, timing and size of the company's capital raise could still change, the FT report said. Trump Media Group responded to a Reuters request for comment by calling both Reuters and the Financial Times "fake news" outlets. The White House did not immediately respond to a request for comment.
The company behind Truth Social, a streaming and social media platform, has been exploring potential mergers and acquisitions as it aims to diversify into financial services.
Last month, Trump Media reached a binding agreement to launch various retail investment products, including crypto and exchange-traded funds aligned with Trump's America First policies. This, however, has attracted scrutiny from government ethics and regulatory authorities.
Read more: https://finance.yahoo.com/news/trump-media-raise-3-billion-161254605.html