Betting on cryptocurrencies! Trump Media Group plans to raise $3 billion

According to media reports, Trump's media group plans to raise $3 billion to buy cryptocurrencies such as Bitcoin, betting on such digital assets supported by the US president.

Affected by this news, Bitcoin rose 1.5% on Monday, hitting the largest single-day fluctuation in the past three trading days and achieving the largest increase in four days. As of press time, the cryptocurrency hovered around $109,177.

According to multiple people familiar with the matter, Trump Media and Technology Group (TMTG), which is controlled by the Trump family, also known as DJT by investors, plans to raise $2 billion through new share issuance and another $1 billion through convertible bonds. However, the specific financing terms and scale may still change.

It is reported that the financing may be announced before a large cryptocurrency investor conference in Las Vegas this week. Vice President Vance, Trump's sons Donald Trump Jr. and Eric Trump, and Trump's "cryptocurrency czar" David Sachs are expected to speak at the meeting.

The plan is the latest example of the Trump family's foray into cryptocurrency, which has also raised concerns about conflicts of interest. Trump has previously promised to make the United States the "cryptocurrency capital of the world."

In fact, DJT's latest financing strategy is not new. Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin, has purchased tens of billions of dollars of Bitcoin through the issuance of bonds and stocks, pushing its market value to more than $100 billion.

After being re-elected as president last year, Trump transferred about 53% of his DJT shares (currently worth about $3 billion) to a revocable trust fund, which is managed by his son Donald Jr. and has sole voting and investment rights over the securities it holds.

Last month, Trump Media Technology Group signed a binding agreement to launch a series of retail investment products including cryptocurrencies and exchange-traded funds (ETFs) that are in line with the "America First" policy. However, this strategic move has attracted great attention from government ethics and regulators.

Currently, the Trump family has been involved in the field of cryptocurrency, including NFT trading cards, two meme coins, and holding shares in cryptocurrency mining company American Bitcoin and stablecoin supporter World Liberty Financial.