The Trump Media and Technology Group (TMTG), the company behind the Truth Social platform championed by former U.S. President Donald Trump, has fiercely rejected claims that it’s aiming to raise a massive $3 billion to dive into cryptocurrency purchases.
On May 26, the Financial Times published a report citing six unnamed sources who claimed that TMTG was in discussions to raise $2 billion in equity and another $1 billion via convertible bonds. The reported goal? To follow the likes of MicroStrategy and Metaplanet by loading Bitcoin and other digital assets onto the company’s balance sheet. But TMTG is having none of it.
In a blunt response provided to the Financial Times, the media company didn’t mince words: “Apparently the Financial Times has dumb writers listening to even dumber sources.” It’s not the sort of polished corporate statement one might expect—but then again, TMTG has never exactly followed the conventional script.
While the company did not respond directly to inquiries from Cointelegraph, its sharp dismissal to the FT leaves little doubt about its stance. For now, the idea that TMTG is preparing to make a multibillion-dollar bet on crypto appears to be firmly off the table, at least according to official channels.
A Plan That Sparked Headlines
The now-disputed report had suggested TMTG was preparing a sizable capital raise, with equity to be priced at market rates as of May 23. On that date, shares of Trump Media (traded under the DJT ticker) closed at $25.72—a 4.6% gain on the day—giving the firm a market cap of roughly $5.7 billion.
This hypothetical fundraising effort, if real, would have marked a bold shift for the media company, aligning it with crypto-forward firms like Semler Scientific and Strategy. These firms have started converting part of their treasury into Bitcoin, positioning themselves as hedges against inflation and economic stagnation.
And while some industry observers found the report credible—especially given Trump’s increasing entanglement with the crypto world—the company’s adamant denial adds another twist to the saga.
Trump’s Crypto Web Draws Attention
Though TMTG may not be planning a Bitcoin-buying spree, Trump’s proximity to the digital asset space continues to make waves. His foray into the crypto world includes everything from NFT collections to memecoins bearing his and Melania’s names. There’s even a decentralized finance (DeFi) platform and a stablecoin tied to his broader network.
All of this has attracted political scrutiny. Critics, especially among Democratic lawmakers, have argued that Trump’s growing presence in crypto could create conflicts of interest—especially if he returns to the White House. The May 22 “memecoin dinner,” which Trump hosted at Mar-a-Lago, has only intensified those concerns.
Adding to the complexity, the report noted that Trump has transferred his majority stake—roughly 53% of TMTG—to a revocable trust controlled by his son, Donald Trump Jr. This move could be seen as a strategy to reduce direct oversight and criticism, but it’s unlikely to mute the political noise entirely.
Final Thoughts
Whether or not TMTG is plotting a crypto treasure hunt, one thing is certain: the intersection of Trump, media, and crypto continues to stir controversy and intrigue. The denial from Trump Media was sharp, but the fact that such a report gained traction speaks volumes about how seriously the market—and the media—are taking Trump’s growing digital asset empire.
For now, the idea of TMTG raising $3 billion to chase Bitcoin appears to be fiction. But in the world of Trump and crypto, stranger things have already happened.
