Trump Media denies rumors of raising $3 billion to buy crypto

Trump Media and Technology Group (TMTG), the company behind former U.S. President Donald Trump's social media platform Truth Social, has denied information from the Financial Times that they are planning to raise $3 billion to buy Bitcoin and other cryptocurrencies. The Financial Times report cited six sources, stating that TMTG would raise $2 billion through stock issuance and $1 billion through convertible bonds. However, Trump Media called the writers 'foolish' and completely denied this plan.

If true, this plan would align Trump Media with companies like Strategy and Metaplanet – businesses that have invested in Bitcoin as a hedge against inflation. This could also lead to increased scrutiny of the Trump family's cryptocurrency business, especially given that Trump has previously launched meme coins like TRUMP and MELANIA, decentralized finance platforms, NFTs, and stablecoins.

Additionally, Trump is reportedly said to have transferred most of his shares in TMTG into a trust managed by his son – Donald Trump Jr. – Some Democratic lawmakers are expressing concerns about potential conflicts of interest if Trump continues to engage in politics while having financial ties to the cryptocurrency sector.