Trump Media & Technology Group Corp. (TMTG), the parent company of Donald Trump’s social network Truth Social, plans to raise $3bn to buy cryptocurrency, including bitcoin, the Financial Times writes, citing sources.
According to them, TMTG intends to raise $2bn through an equity offering and another $1bn through the sale of convertible bonds.
The company may announce the capital raise ahead of a cryptocurrency investor event in Las Vegas this week.
The terms, timing and size of TMTG’s capital raise are subject to change. As noted by two sources, the size of the offering has been increased in recent weeks amid high interest in the company’s offering.
TMTG responded to the newspaper’s publication by issuing a statement saying that “apparently, the Financial Times’ silly authors are listening to even sillier sources” and declined to comment further.
TMTG shares have fallen 24.6 per cent since the start of this year.