An artificial intelligence and machine learning driven supply chain firm says it plans to buy $20 million in cryptocurrency backed by President Donald Trump

An artificial intelligence and machine learning driven supply chain firm said it plans to buy $20 million in cryptocurrency backed by President Donald Trump with the stated purpose of influencing U.S. trade policies.

Freight Technologies, Inc. (Nasdaq: FRGT) said in a Securities & Exchange Commission filing and announcement April 30 it had entered into a $20 million financing deal “with an institutional investor.”

The Houston-based logistics company also goes by Fr8Tech.

“Capital from the financing is exclusively earmarked for purchasing Official Trump Tokens ($TRUMP), making Fr8Tech one of the first public companies to make $TRUMP a cornerstone of its digital asset strategy,” the company said in a statement.

Trump has been promoting the $TRUMP cryptocurrency meme coin via social media. That includes hosting a VIP dinner at his country club in Northern Virginia later this month for the top holders of the crypto coin.

The $TRUMP token is a joint venture involving an arm of the Trump Organization and Celebration Cards LLC / Fight Fight Fight LLC.

Fr8Tech CEO Javier Selgas said his company focuses on trade between Mexico and the U.S. and the $TRUMP purchase will help it advocate for better trade relations between the two countries.

“We believe that the addition of the Official Trump tokens are an excellent way to diversify our crypto treasury, and also an effective way to advocate for fair, balanced, and free trade between Mexico and the U.S.,’ he said.

The Texas company has a market capitalization of $3.8 million. Freight Technologies reported $13.7 million in revenue in 2024 with a $5.6 million loss.

The Trump venture receives fees from meme coin transactions. The Associated Press report Monday that “since the coin was launched earlier this year, it has generated more than $320 million in fees for its creators, according to the blockchain analysis firm Chainalysis.”

Since taking office, Trump has unleashed a tariffs regime including 145% levies on Chinese goods (with exemptions for electronics and smartphones) as well as 25% levies on imported cars, auto parts, steel and aluminum.

Trump has also imposed 25% import taxes on goods from Mexico and Canada not governed by 2019 trade deal, wants 100% tariffs on foreign films and currently has scores of countries as well as the European Union under 10% levies after rolling back his higher Liberation Day after stock and bond markets stressed.

China has imposed 125% tariffs on American products. The trade fight pits Trump's "America First" populism against global supply chains and globalist multinational corporations and financial markets.

Trump met with Canada Prime Minister Mark Carney Tuesday at the White House to discuss trade relations.

President Donald Trump speaks with reporters as he signs executive orders and proclamations in the Oval Office of the White House, Monday, May 5, 2025, in Washington. (AP Photo/Alex Brandon)

Trump’s family businesses also have other cryptocurrency interests.

That includes World Liberty Financial (WLFl), which recently received an announced $2 billion investment from the United Arab Emirates.

WLFI is getting the infusion from Abu Dhabi-backed MGX’s artificial intelligence fund.

President Trump along with his sons Don Jr., Eric and Barron and Trump envoy Steve Witkoff and his sons Zach and Alex are part of the World Liberty crypto venture.

FILE - Russian President Vladimir Putin, right, and U.S. special envoy Steve Witkoff greet each other prior to their talks at the Kremlin in Moscow, Russia, April 25, 2025. (Kristina Kormilitsyna, Sputnik, Kremlin Pool Photo via AP, File)

Eric Trump, Executive VP of The Trump Organization, right, speaks as Co-founder of World Liberty Financial Zach Witkoff looks on during Token 2049, a Crypto event, in Dubai, United Arab Emirates, Thursday, May 1, 2025. (AP Photo/Altaf Qadri)

Steve Witkoff is Trump’s envoy to Russia and Russian President Vladimir Putin as well as the Middle East, including efforts in Israel, Gaza and Iran.

Trump is slated to travel to Saudi Arabia to meet with Middle East leaders later this month.

Trump’s business deals are operated by the Donald J. Trump Revocable Trust, while he serves his second term as president.

The trust is the largest shareholder in Trump Media & Technology Group (Nasdaq: DJT).

The Trump company announced earlier this year it was looking for strategic and merger partners and Trump and other shareholders have also filed SEC notices regarding possible selling their shares/stakes in TMTG.

The Truth Social parent is also getting more into the cryptocurrency realm.

Florida-based Trump Media announced April 22 a new deal with Crypto.com.

Trump has promised to be a crypto friendly president with his administration favoring