The company behind Donald Trump’s social media platform TruthSocial, the Trump Media and Technology Group (TMTG), has denied claims of it raising $3 billion for crypto investments. Earlier today, the rumors were spread all over digital media publications that the firm was raising funds to buy cryptocurrency.
In a recent report, Financial Times noted that the TMTG aimed to secure $2 billion in equity and $1 billion via a convertible bond to fund large-scale crypto purchases, citing six sources familiar with the matter.
However, the firm has now swiftly refuted the claims and said that the Financial Times’ sources as “dumb” and its writers as unreliable.
The Financial Times had drawn parallels between TMTG’s alleged strategy and Strategy’s debt-fueled bitcoin accumulation, noting the Trump family’s growing crypto footprint, which includes memecoins, NFTs, and planned ETFs.
The report also mentioned TMTG’s exploration of mergers and acquisitions to diversify into financial services, including a recent agreement to launch retail investment products aligned with Trump’s “America First” and making the “US crypto capital of the world” policies.
But the sharp rebuttal from the firm, which is as bold as Donald Trump, dismissed these claims as baseless and concluded that they have no such fundraising plans.