Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com-- Trump Media & Technology Group (NASDAQ:DJT) (TMTG) on Monday denied a Financial Times report that it intends to raise $3 billion to invest in cryptocurrencies such as Bitcoin (BitfinexUSD), calling the story writers "dumb" and the sources unreliable.
Despite denying the report, shares in Trump Media soared roughly 11% in premarket trading Tuesday.
“Apparently the Financial Times has dumb writers listening to even dumber sources,” TMTG said in a statement, offering no further comment on the alleged fundraising.
According to the FT report, TMTG, the media company backed by the Trump family and parent of Truth Social, is seeking $2 billion in equity and $1 billion through a convertible bond to finance large-scale crypto purchases. The report cited six people familiar with the matter and said the offering size had recently been increased due to strong demand.
The planned announcement could come ahead of a major crypto conference in Las Vegas this week, featuring speakers including Vice President JD Vance and Trump’s sons, Donald Jr. and Eric, the FT report said.
The move would align with President Donald Trump’s push to make the U.S. a global crypto hub, though concerns over conflicts of interest have grown, the FT reported.
TMTG’s approach mirrors Strategy’s (NASDAQ:MSTR) debt-fueled bitcoin accumulation and expands Trump’s broader crypto footprint, which includes memecoins, NFTs, and upcoming ETF plans, the report added.
Ayushman Ojha contributed to this report.