Trump Media & Technology Group (DJT) or TMTG as it is also known, is looking to raise $3 billion to buy cryptocurrencies including Bitcoin.
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Investor Demand
According to an article in the Financial Times, the Trump family business is aiming to raise $2 billion in equity and $1 billion via a convertible bond.
It is understood that the Trump Media plans could be unveiled at a meeting of crypto investors in Las Vegas later this week. The president’s sons Donald Jr and Eric are scheduled to speak at the event.
The timing of the announcement and size of the raise could change given apparently strong demand in the offering from investors.
TMTG did not exactly confirm the plans. It said in a statement to the British newspaper that: “Apparently the Financial Times has dumb writers listening to even dumber sources.”
Crypto Capital
Trump is a big fan of cryptocurrencies, promising to make the U.S. the crypto capital of the world. Back in March, TMTG signed a deal with cryptocurrency exchange Crypto.com to launch exchange-traded funds (ETFs) under its Truth.Fi brand. These ETFs will target digital assets and U.S.-focused securities, focusing on investing in American industries.
In addition, World Liberty Financial, the Trump family’s crypto venture, plans to launch a stablecoin, USD1. Its reserves will be managed by BitGo, which is applying for a bank charter.
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