Trump Media plans to raise $3B to buy cryptocurrencies: Report

Trump Media & Technology Group is planning to raise up to $3 billion to finance purchases of cryptocurrencies including Bitcoin, the Financial Times reported, citing sources familiar with the matter.

The company aims to raise $2 billion through a new share offering and $1 billion via convertible bonds, according to the report.

An announcement may be made ahead of a major event the company is hosting this week in Las Vegas for cryptocurrency investors and supporters, the sources said.

The timing and size of the fundraising could change, the sources noted, adding that the targeted capital amount has increased in recent weeks due to strong investor interest.

The report indicated that the planned share offerings would be carried out based on market conditions, suggesting that the new shares are likely to be sold near last Friday’s closing price of $25.72.

Trump Media declined to disclose any details regarding the matter and merely accused the newspaper's editors and sources of being "stupid."