Freight Technologies (FRGT) Buys $20M of Official Trump Tokens (TRUMP) to Influence U.S.-Mexico Trade

Freight Technologies (FRGT), a $4.8 million market cap logistics tech firm focused on cross-border trade between the U.S. and Mexico, has entered

Freight Technologies (NASDAQ:FRGT) announced that it has entered an agreement to potentially buy up to $20 million in the Official Trump Token (TRUMP). The company, which specializes in logistics technology and cross-border trade between the U.S. and Mexico, is currently valued at $4.8 million on the market.

The capital for the TRUMP token purchase will be raised through a convertible note financing facility with an institutional investor, with an initial $1 million tranche already committed. The funds will be used exclusively to acquire TRUMP tokens, making Freight Technologies one of the first publicly listed companies to hold the token.

Earlier this year, Freight Technologies disclosed an investment in AI-linked FET tokens, which are currently valued at $8 million. These tokens support AI tools used across the company's logistics platforms.

While buying digital assets isn't new for publicly traded companies—notably, Michael Saylor (NYSE:MBI) famously implemented a bitcoin strategy with his company, and others like Semler Scientific (NASDAQ:SMLR) and Cantor Fitzgerald (NYSE:CFI) followed suit—Freight Technologies' focus on presidential-linked tokens makes it stand out.

The company's efforts come amid President Trump's all-out trade war, which has sparked debate among economists and politicians.

"We believe that the addition of the Official Trump tokens to our crypto treasury is an excellent way to diversify our holdings and also a unique and effective way to advocate for fair, balanced, and free trade between Mexico and the US, which is an integral part of our company's mission," said Javier Selgas, CEO of Freight Technologies.

The involvement of a U.S. president in a memecoin project has raised questions of conflict of interest, especially as several Democratic lawmakers have voiced concerns.

During a hearing of the House Foreign Affairs Committee in April, Sen. Jon Ossoff (D-Ga.) highlighted a private dinner event organized by the Trump administration with top holders of the cryptocurrency.

"This is a clear case of selling access to the presidency. It appears that the administration is organizing a private dinner with the founders and top holders of a cryptocurrency, allegedly to discuss the U.S. interest rate policy and the stability of the global financial system," said Ossoff.

The involvement of President Trump, who is known for his blunt and often controversial statements, could also lead to further scrutiny from lawmakers.

Earlier this year, House Democrats threatened to begin impeachment proceedings against President Trump if he didn't cooperate with their investigations into the January 6 Capitol riot.

The potential impeachment follows a report by the House select committee investigating the 2021 attack on the Capitol, which concluded that Trump engaged in a "criminal conspiracy" to overturn the 2020 election.

Notably, the Trump tokens are also linked to a decentralized finance protocol that is being backed by the former president and his family members. Last month, DWF Labs announced a $25 million investment in World Liberty Financial (WLFI), providing the firm with a governance stake in the project.

The investment will also see DWF Labs contribute its expertise in Web3 and DeFi to assist WLFI in launching its stablecoin, which will be backed by short-term U.S. Treasury bills and other cash equivalents, called USD1.

The TRUMP tokens are currently trading at $12.7, a rise of 0.1% over the last day and 42% over the last 30 days.

Also Read: Why Trump's Tariffs Could Actually Be Good For Bitcoin