Trump media group plans to raise $3bn to spend on cryptocurrencies

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Trump Family Media plans to raise $ 3 billion to buy encrypted currencies such as Bitcoin, in a bet on the type of digital assets that the US president’s administration defended.

The Trump Media & Technology Group, behind the Truth Social and the President’s Family Monitor, aims to raise $ 2 billion of fresh stocks and another $ 1 billion through a convertible bond, according to six people in this regard.

The increase in TMTG capital can be announced before a large meeting of encryption investors and preachers in Las Vegas this week, where Vice President GD Verse, Trump Donald Junior and Eric are expected to speak, and Trump Tsar Tar David David will speak.

Conditions, timing and size of the capital raising in TMTG can still change. Two people familiar with the plans told the Financial Times that the offer has increased its size in recent weeks due to strong demand.

TMTG said in a statement that “it is clear that the times of the Financial Times has a stupid book that listens to the sources of the stupidity,” but they did not comment more, “TMTG said in a statement. Donald Trump Junior’s representatives did not respond to suspension requests. A White House spokesman refused to comment.

The plan is the latest example of the Trump family pushing the cryptocurrency, which raised concerns about conflicting interests. The President pledged to make the United States “the capital of encryption in the world.”

His interest in encryption stimulates a wave of deals aimed at seizing a revival of cryptocurrencies. Bitcoin price set a record price of $ 109,000 last week.

The TMTG approach is similar to the strategy, which was previously called Microstrategy, a previous software company whose market value has increased to more than $ 100 billion after using debt and shares to buy tens of billions of dollars in Bitcoin.

Secondary stock offer will be implemented according to the market conditions, which means that the shares are expected to be sold near their price at the end of trading on Friday. TMTG shares closed on Friday at $ 25.72, or a market value of about $ 6 billion.

The Trump family’s participation in Crypto included a NFT trading card, two Memecoins, risks in Crypto Mining Venture American Bitcoin and Stablecoin Backer World Liberty Financial.

TMTG also plans to launch a trading box for the cryptocurrency. Last week, Trump hosted a special dinner party for the best investors in Mimikoen in his resort outside Washington.

Two people said Clearstreet and BTIG are among the brokers who could serve as the deal insurance companies.

After winning his re -election at the White House last year, Trump moved his 53 percent stake in TMTG, which is currently about 3 billion dollars, to a cancelable box supervised by his son Donald Junior, who has a single investment and vote on the entity’s contribution.

An empty chic vehicle publicly circulated, led by Brandon Lootnick, son of Trade Minister Howard Lottenic, a deal last month to create a bitcoin purchase called Twenty One Capital in a $ 3.6 billion deal related to Tether and SoftBank.

Cryptocurrency Ripple also conducted a $ 1.25 billion deal to buy Hidden Road, which focuses on the digital currency, in a bet that institutional investors will push further to Crypto under the Trump administration.

FT executive officials have told that a wave of similar deals focused on encryption, especially among empty examination companies, is expected in the coming weeks.

Additional reports from Alex Rogers in Washington