Shares of Houston-based logistics company Freight Technologies Inc. soared more than 100% after it announced plans to buy President Donald Trump's memecoin as a treasury asset.
The move will be funded by the issuance of convertible notes worth up to $20 million, starting at $1 million.
The company said it was one of the first public companies to make Trump coin a “foundation of its digital asset strategy.” Previously, Freight Technologies had also accumulated $8 million worth of FET tokens from the Fetch.ai project.
Freight Technologies CEO Javier Selgas claimed that the purchase of Trump coins was a show of support for "free and balanced trade between Mexico and the US."
