Trump Media says 'dumb writers' behind report claiming it's seeking $3 billion to buy bitcoin, crypto: FT

Trump Media & Technology Group reportedly plans to raise $3 billion to buy bitcoin and other cryptocurrencies — financing the investments with proceeds from share sales — according to a Monday report from the Financial Times.

TMTG appears not to have pulled any punches when responding to the Financial Times story, which cited six anonymous sources. “Apparently, the Financial Times has dumb writers listening to even dumber sources,” Trump's media company said in a statement, according to the news report.

The Block reached out to TMTG for comment on the matter.

The supposed $3 billion capital raise would — if true — complement TMTG’s growing connection to crypto-related developments. Last month, the media firm revealed plans to explore a utility token in a letter sent to shareholders. This followed a finalized agreement with Crypto.com to launch a fleet of “Made in America” exchange-traded funds based on digital assets and stocks.

Back in January, TMTG unveiled a fintech startup with crypto investment plans, dubbed Truth.Fi. The new venture was approved to invest up to $250 million of its over $700 million in cash reserves into traditional investment vehicles, SMAs, ETFs, bitcoin, and “similar cryptocurrencies or crypto-related securities.”

Elsewhere, World Liberty Financial, another entity affiliated with the U.S. President and his family, issued the USD1 stablecoin used to close a $2 billion investment deal between Abu Dhabi’s MGX and Binance.

Trump’s crypto influence has been scrutinized by legislators on Capitol Hill, with Democrats styling the President as the “King of Crypto.” Policymakers also used his ties to the industry as a roadblock to throttle progress around a key stablecoin bill.

During his campaign trail, Trump vowed to make the United States the world’s crypto capital. Also, the President signed an executive order to establish the country’s first national Strategic Bitcoin Reserve.