In a bold financial move, the Trump Media & Technology Group (TMTG)—the company behind Truth Social and closely tied to Donald Trump’s family—is looking to raise a whopping $3 billion to dive headfirst into the world of cryptocurrency.
According to insiders familiar with the matter, TMTG plans to raise $2 billion through equity financing and an additional $1 billion through a convertible bond. The announcement could come just in time for a major crypto gathering in Las Vegas this week. The event is expected to feature appearances from Trump’s sons, Donald Jr. and Eric, as well as crypto advocate David Sacks and Vice President JD Vance.
Although the final terms of the fundraising are still fluid, sources say interest has surged in recent weeks, prompting the company to increase the size of the offering. TMTG declined to comment directly but fired back at the Financial Times’ coverage, calling the journalists and their sources "dumb."
This ambitious plan underscores the Trump administration’s growing enthusiasm for digital currencies. President Trump has openly declared his vision to make the United States the “crypto capital of the world,” prompting a spike in activity from investors hoping to ride the crypto wave. Bitcoin, for example, recently hit a staggering new high of $109,000.
The fundraising strategy resembles that of MicroStrategy (now known as Strategy), which pivoted from software to crypto by aggressively buying bitcoin with funds raised via debt and equity. That move catapulted the company’s valuation past $100 billion.
TMTG shares—publicly traded—closed last Friday at $25.72, giving the company a valuation close to $6 billion. The new shares are expected to be sold at near-market prices through an at-the-market offering. Firms like ClearStreet and BTIG are likely to serve as underwriters for the deal.
The Trump family is no stranger to crypto ventures. Their portfolio already includes an NFT trading card, a pair of memecoins, and stakes in projects like American Bitcoin (a mining operation) and World Liberty Financial (a stablecoin backer). TMTG is even gearing up to launch its own crypto-focused exchange-traded fund (ETF). Just last week, Trump hosted an exclusive dinner for top investors in his memecoin at one of his resorts.
After securing re-election last year, Trump transferred his controlling 53% stake in TMTG—valued at around $3 billion—into a revocable trust managed by Donald Jr., who has full authority over its investment decisions.
This move aligns with a broader trend of high-profile crypto activity. For instance, Brandon Lutnick, the son of Commerce Secretary Howard Lutnick, recently led a $3.6 billion deal to establish Twenty One Capital, a bitcoin acquisition vehicle backed by Tether and SoftBank.
Meanwhile, Ripple made waves of its own with a $1.25 billion acquisition of Hidden Road, a crypto-focused brokerage. Industry insiders predict more blockbuster deals are on the horizon as the Trump administration’s pro-crypto stance fuels investor optimism.