Trump Media denies the 3 billion dollars cryptography financing plan after the FT report

Update (May 26, 21:27 PM UTC): This article has been updated to include a declaration by Truth Media and Technology Group.

Trump Media and Technology Group, the company behind the Truth social platform of the American president Donald Trump, repulsed a report that he planned to raise $ 3 billion in a mixture of equity and convertible links to buy Bitcoin and other cryptocurrencies.

Financial time reported The company’s plan on May 26, citing six people informed of the issue, but Trump Media told the point of sale that “apparently the Financial Times has stupid writers to listen to even more stupid sources”.

Trump Media did not immediately respond to Cointelegraph’s comments.

If Trump Media implements the reported plan, he would position the company to follow in the footsteps of crypto purchasing companies such as the strategy.

The Financial Times said that Trump Media plans to issue $ 2 billion in equity and $ 1 billion in convertible bonds, a type of asset that can be converted into capital capital and that the size of the increase may change.

Equity had to be sold at market prices at the end of May 23. Trump Media (DJT) actions that day that day farm $ 25.72, marking an increase of 4.6% compared to the day. Trump Media’s market capitalization was $ 5.7 billion on May 23.

The reported plan of the company follows an approach similar to that launched by companies such as Strategy, Metaplanet, Semler Scientific and others, allocating part of their funds in Bitcoin (BTC).

The bets on the crypto provide coverage against inflation and prevent them from becoming “zombie companies”, have said certain companies.

In relation: 4,020 Bitcoin strategy bags because the price briefly breaks $ 110,000

Trump Media’s decision can increase control

This decision could also have caused a more in -depth examination to the growing cryptography companies of the Trump family. Democratic legislators have postponed against bipartite invoices on the crypto transactions of the Trump family, with a certain staging Protests against dinner memecoin Trump organized on May 22.

Trump’s crypto links include Collections of non -bubble tokensThe official Trump (ASSET) and Melania (Melania) same, Decentralized finance platform World Liberty Financial Financial and a dollar stablecoin stable. Critics say that Trump’s Crypto companies pose a conflict of interest, especially since it could have an influence on an industry from which he benefits.

According to the report, Trump transferred his share by 53% to Trump Media and Technology to a revocable trust managed by his son, Donald Trump Jr.

Review: Trump crypto companies raise conflicts of interest, initiate negotiation issues