šFreight Technologies stock soared 111% before plunging after-hours following bold crypto bet.
šFreight Technologies (NASDAQ: FRGT), a small-cap logistics tech firm with a market valuation of just $4.8 million, is making headlines after announcing plans to invest up to $20 million in the Official
$TRUMP Token (TRUMP). The company says the move is part of a broader effort to build a crypto treasuryāand to support its goal of reshaping U.S.-Mexico trade relations.
šFRGT shares surged over 111% on the news Friday, only to drop 21.6% in after-hours trading.
šThe Houston-based firm focuses on cross-border trade between the U.S. and Mexico and says it has secured the TRUMP token investment through a convertible note facility with an institutional investor. The first $1 million tranche has already been committed and will be used solely to acquire TRUMP tokens.
šāWe believe that the addition of the Official Trump tokens are an excellent way to diversify our crypto treasury, and also an effective way to advocate for fair, balanced, and free trade between Mexico and the U.S.,ā said CEO Javier Selgas in an April 30 press release.
šFreightās plan appears to go beyond a financial bet on digital assets. Selgas said the firm aims to use the tokens as a strategic tool in advocating for more favorable cross-border trade termsāan unusual play that echoes former President Trumpās combative trade stance with Mexico.
šThe announcement follows the companyās previous $8 million investment in AI-linked FET tokens, which support its AI logistics platforms. Freight is now joining a growing list of publicly traded companies adding crypto to their balance sheets, including MicroStrategy, Semler Scientific, and Janover.
šYet the strategy is not without controversy. Trump recently confirmed plans to host a private dinner with top TRUMP token holders, sparking backlash from lawmakers. Sen. Jon Ossoff (D-Ga.) called the event a āclear case of selling access to the presidency,ā raising concerns about influence and potential conflicts of interest.
šFor Freight, whose shares have fallen nearly 90% over the past year, the high-profile crypto play may also be a lifeline to revive investor confidence.
šāAt the heart of Fr8Techās mission is the promotion of productive and active commerce between the United States and Mexico,ā Selgas added. āMexico is the United Statesā top goods trading partner.ā
š¢The
$TRUMP token is currently trading at $12.70, up 0.1% on the day and 42% over the past month.
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