Trump Media to raise $3 billion to spend on cryptocurrencies

U.S. President Donald Trump’s social media firm, Trump Media & Technology Group, plans to raise about $3 billion to spend on cryptocurrencies such as bitcoin, the Financial Times reported on Monday, citing people familiar with the matter.

The company that runs the Truth Social streaming and social media platform aims to raise $2 billion in fresh equity and $1 billion more through a convertible bond, the report said.

The terms, timing and size of the company’s capital raise could still change, the FT report said.

Trump Media Group did not immediately respond to a Reuters request for comment.

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