Trump Media Group 'Finally' Raises $3.44 Trillion in Cryptocurrency

A Day After Officially Denying FT Report, Completely Different Approach
"Selling Company Stocks and Convertible Bonds on the 29th, Then Purchasing Coins"

Trump Media and Technology Group (TMTG), owned by the former U.S. President, has launched a fundraising activity of $2.5 billion (approximately 3.44 trillion won) to purchase cryptocurrencies, contrary to its previous claims. This comes just a day after officially denying news reports about cryptocurrency purchases.

On the 27th, TMTG announced that it will sell $1.5 billion in company stocks and issue $1 billion in convertible bonds to purchase cryptocurrencies, including Bitcoin (BTC). Previously,

On the 26th, TMTG had denied a Financial Times (FT) report that claimed it was raising $3 billion to purchase cryptocurrencies. FT reported based on sources that the company would invest approximately $3 billion in purchasing various cryptocurrencies, including Bitcoin, by mixing company stocks and convertible bonds.

TMTG responded to the FT report by saying, "FT has stupid journalists and stupid sources," officially denying the report. This represents a contradictory approach just a day later.

According to TMTG's announcement, the sale of TMTG stocks and convertible bonds will be completed on the 29th.

TMTG stated, "We consider Bitcoin a core tool for financial freedom and will hold it as a core corporate asset" and "This investment is a step to protect our company from financial institution harassment and discrimination."

Last month, TMTG announced plans to allow cryptocurrency payments on its video streaming site. Devin Nunes, CEO of Trump Media under TMTG, shared in a shareholder letter last month that they are considering introducing a proprietary cryptocurrency wallet and utilizing utility tokens on the video streaming platform 'Truth Plus'.

In the U.S. Congress, a bill has been proposed to criticize and potentially ban cryptocurrency-related businesses of the former President and his family.

Maxine Waters, a Democratic U.S. Representative, proposed the 'Stop TRUMP in Crypto Act' in the House, which would prohibit major government officials from issuing and holding cryptocurrencies. The bill includes provisions that ban the President, Vice President, House Representatives, and their families from holding, trading, and promoting cryptocurrencies during their government tenure.

Reporter Seung-won Kwon ksw@blockstreet.co.kr