Trump Media plans to raise $3B to spend on cryptocurrencies, FT reports

Trump Media & Technology Group (DJT) plans to raise $3B — $2B in fresh equity and another $1B via a convertible bond — to buy cryptocurrencies such as bitcoin (BTC), The Financial Times’ Antoine Gara, Oliver Barnes, George Steer, and Arash Massoudi report. According to six people briefed on the matter, the capital raise could be announced ahead of a big meeting of crypto investors and advocates in Las Vegas this week. Two people familiar with the plans say that the offering had been increased in size in recent weeks due to strong demand. TMTG said in a statement that “apparently the Financial Times has dumb writers listening to even dumber sources” but did not comment further. Publicly traded companies in the cryptocurrency space include Bit Digital (BTBT), Bitfarms (BITF), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), Riot Platforms (RIOT), Strategy (MSTR), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).