Trump Media Group to Raise $3B to Invest in Crypto

Trump Media and Technology Group (TMGT) plans to raise approximately $3 billion to invest in major cryptocurrencies like bitcoin (BTC). According to a Financial Times report, TMGT will announce the capital raise at a meeting with prominent crypto investors and advocates in Las Vegas this week. Vice President JD Vance, Donald Trump’s sons Donald Jr. and Eric, and Trump’s crypto czar David Sachs are expected to speak during the meeting. 

TMGT Plans to Raise $3B 

Notably, TMGT, which is behind the Truth Social app, aims to raise $2 million in fresh equity and an additional $1 million through a convertible bond, according to six people familiar with the story. 

In addition to the report, the terms, timing, and size of TMGT’s capital raise could still change. According to two people briefed on the matter, the offering had increased in size in recent weeks due to strong demand. 

Trump’s Growing Interest in Crypto

The latest development underscores the Trump family’s continued expansion into digital assets, prompting scrutiny regarding potential ethical conflicts. Recall that Trump declared his intention to position the U.S. as the crypto capital of the world. 

Like Strategy (formerly MicroStrategy), Trump’s interest in crypto has garnered attention, both in and out of the U.S. Interestingly, TMGT also plans to launch an exchange-traded fund solely focused on crypto.

Furthermore, the Trump family’s engagement with the crypto sector includes an NFT trading card and two memecoins. They also invested in American Bitcoin, a mining company, and World Liberty Financial, which supports stablecoins.

Meanwhile, following Trump’s re-election to the White House last year, he moved his over 53% stake in TMTG, worth around $3 billion, into a revocable trust controlled by his son, Donald Jr. His son holds exclusive investment and voting authority over the entity’s shares.

In addition to crypto deals, last month, a publicly traded blank-cheque company led by Brandon Lutnick—son of U.S. Commerce Secretary Howard Lutnick—finalized a $3.6 billion deal with Tether and SoftBank to establish a Bitcoin acquisition vehicle. 

Similarly, Ripple finalized a $1.25 billion acquisition of digital asset prime brokerage firm Hidden Road last month. The move signals confidence that institutional interest in crypto will grow under the new administration.