Trump Media Reportedly Raising $3 Billion for Crypto Purchases

Trump Media & Technology Group is reportedly planning to raise $3 billion to purchase cryptocurrencies.

The company, which is controlled by President Donald Trump’s family and is behind his Truth Social platform, plans to raise $2 billion in fresh equity and another $1 billion through a convertible bond, the Financial Times (FT) reported Monday (May 26), citing six people briefed on the matter.

The report said the fundraising plans could be announced before a high-profile meeting of crypto investors and advocates in Las Vegas this week, with scheduled speakers like Vice President JD Vance, Trump’s sons Donald Jr and Eric, and Trump’s crypto czar David Sacks.

Trump Media issued a statement to the FT suggesting the news outlet had “dumb writers listening to even dumber sources,” without commenting further. 

Assuming those sources are correct, the plan would mark the latest push by the Trump family into the crypto sector, which has led to concerns about conflicts of interest.

Those concerns recently slowed the passage of stablecoin legislation in Congress, with Democrats seeking a provision that would prevent Trump and other senior officials from profiting from crypto ventures while in office.

The bill later advanced as more Democrats got on board with the legislation, though progressives such as Sen. Elizabeth Warren of Massachusetts did not withdraw their objections.

Trump, meanwhile, has vowed to make the U.S. the “crypto capital of the world,” and has spoken of creating a national bitcoin reserve.

In other crypto news, PYMNTS wrote last week about the news that several of the country’s largest banks — JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup — were exploring the creation of a jointly operated stablecoin.

That vision, the report said, marks a clear departure from the early crypto ethos of disrupting incumbents, and rather, is a bet that those incumbents are in the best position to bring digital dollars into the mainstream.

“When you think about the needs of every FinTech or payments company, or a bank that wants to enter the [stablecoin] space, they need secure infrastructure, from the creation of assets, such as tokenizing them, to holding them, and of course moving them,” Utila Co-Founder and CEO Bentzi Rabi told PYMNTS last month.

“Everyone will enter the stablecoin era in the end,” Rabi added.

The post Trump Media Reportedly Raising $3 Billion for Crypto Purchases appeared first on PYMNTS.com.