In a Monday report, the Financial Times said Trump Media and Technology Group would "raise $2bn in fresh equity and another $1bn via a convertible bond."
The company behind President Donald Trump's Truth Social platform is planning to raise $3 billion to spend on cryptocurrencies, according to a Monday report by the Financial Times.
Citing six sources, the outlet said that Trump Media and Technology Group would "raise $2bn in fresh equity and another $1bn via a convertible bond."
"TMTG's capital raise could be announced ahead of a big meeting of crypto investors and advocates in Las Vegas this week, where vice-president JD Vance, Trump's sons Donald Jr and Eric, and Trump's crypto tsar David Sachs are expected to speak," the Times added.
TMTG responded by calling both Reuters and the Financial Times "fake news."
"Apparently the Financial Times has dumb writers listening to even dumber sources," the group said in a statement.
The Trump family's crypto ventures include an NFT trading card, two memecoins, and links to American Bitcoin and World Liberty Financial.
Last week, Trump hosted a dinner for top buyers of his memecoin. The White House has also pushed for greater use of cryptocurrencies.
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