Trump Media 'denies' $3B crypto fundraise claims amid FT report scrutiny

Trump Media and Technology Group, the company behind US President Donald Trump’s Truth Social platform, has denied claims that it plans to raise $3 billion through a combination of equity and convertible bonds to invest in Bitcoin and other cryptocurrencies, according to Cointelegraph.

The Financial Times reported on May 26, citing six sources, that Trump Media intended to issue $2 billion in equity and $1 billion in convertible bonds, though the company dismissed the report, criticizing the Financial Times' sources and reporting.

Trump Media denied the story, reportedly stating, " Apparently the Financial Times has dumb writers listening to even dumber sources," according to their Crypto Accounts and Advisors.

Trump Media fires back at the FT report on a $3B Bitcoin play! In their words: “Dumb writers listening to even dumber sources.” Looks like the crypto drama is heating up. 🍿#CryptoNews #Bitcoin #Trump #USA #UK #Crypto

— Crypto Accountants & Advisors (@CryptoAccUK) May 27, 2025

Trump Media did not respond immediately to Cointelegraph’s and other media accounts request for comment.

If carried out, the plan would align Trump Media with other crypto-investing firms like Strategy.

The Financial Times also noted that the equity would likely be sold at market price based on the May 23 close, when Trump Media shares ended at $25.72, up 4.6%.

The company behind Truth Social, a streaming and social media platform, has been exploring potential mergers and acquisitions as it aims to diversify into financial services.

Last month, Trump Media reached a binding agreement to launch various retail investment products, including crypto and exchange-traded funds aligned with Trump's America First policies.

Tech in Asia reports that research shows that about 50% of social media users invest in crypto, compared to 10% of non-users, and that 37% of adults aged 18–34 use social media for investment research.

The company's capital raise is expected to be announced ahead of a major crypto investor and advocate meeting this week, the FT report said, adding that Vice President JD Vance and Trump's sons Donald Jr. and Eric are expected to speak.

Bitcoin was up 1.5%, its biggest move up or down in three days and largest gain in four days.

The announcement initially attracted scrutiny from government ethics and regulatory authorities.