To raise $3 billion to invest in cryptocurrency Trump Media Company: Fake news

The companies behind the social media platform Truth Social have been exploring potential mergers and acquisitions opportunities to diversify financial services.

Trump Media Group then responded to Reuters' request for comment, saying the report was "fake news." The White House did not respond immediately.

Last week, Bitcoin price directly rose above the $110,000 mark due to increased institutional demand and Trump administration’s support for cryptocurrencies, driving the trading boom in related assets.

In April this year, the Trump Media Group reached a binding agreement to launch a variety of retail investment products, including cryptocurrencies and exchange-listed funds (ETFs). However, this has attracted scrutiny from the government and regulators.

"This financing plan is expected to be announced ahead of a large cryptocurrency investor and advocate meeting this week. Vice President Vance and Trump's son Donald Jr. are expected to speak at the meeting."

It is reported that Trump Media & Technology Group (TMTG), a social media company owned by US President Trump, plans to raise US$3 billion (about S$3.85 billion) to invest in cryptocurrencies such as Bitcoin. However, Trump Media responded that it was "fake news."

report also pointed out that specific financing terms, scale and time may change.

The Financial Times quoted sources familiar with the matter on Monday (May 26) that Trump Media and Technology Group plans to issue new shares to raise $2 billion and raise $1 billion through convertible bonds.