Financial Times just reported that Trump Media & Technology Group (TMTG), the company behind Truth Social and a growing stable of crypto ventures, is reportedly planning a massive $3 billion capital raise to buy Bitcoin and other digital assets—a move that would instantly make it one of the world’s largest corporate crypto holders.

But the company was quick to shut down the rumours, calling the Financial Times report “dumb” and its sources “even dumber,” as scrutiny over Trump’s crypto empire intensifies.

$3 Billion Crypto Ambitions: Fact or Fiction?

The Financial Times, citing six people briefed on the matter, reported that TMTG is preparing to raise $2 billion through fresh equity and another $1 billion via convertible bonds, with proceeds earmarked for large-scale crypto purchases.

If Trump media did implement the reported plan, it would be following in the footsteps of companies such as Strategy, Metaplatnet, Semler Scientific who have all allocated part of their funds to Bitcoin.

By allocating part of their funds to Bitcoin, these companies are providing a hedge for themselves which could help them to weather against inflation and keep them from becoming zombie companies.

However, TMTG wasted no time dismissing the story, issuing a blistering statement

“Apparently, the Financial Times has dumb writers listening to even dumber sources.”

TMTG's Expansion Into Crypto

The report of the $3 billion raise comes as TMTG deepens its foray into the digital assets market, and as U.S president Donald Trump and his family strengthen their ties with crypto investors and companies in the U.S and abroad.

In January, the media company announced it would launch a fintech business called Truth.fi, which would facilitate investors' access to Bitcoin and energy-based investments, as well as other financial products.

Two months later, TMTG struck a deal with trading platform Crypto.com to offer several digital asset-based exchange-traded funds through Truth.Fi.

The president himself have also increasingly and more directly involved himself in the crypto world, launching a series of NFT trading cards and a pair of memecoins, which trade under the TRUMP and MELANIA tickers.

Top Investors Dumping their $TRUMP Token Even Before The Gala

Democratic lawmakers have pushed back against bipartisan bills over the Trump family's crypto dealings, with some staging protests against the memecoin dinner Trump hosted on May 22.

Protestors were standing outside the Trump National Gold Club in Sterling Virginia, chanting "shame" and "I hope you choke on your dinner", with signs that read "Crypto corruption" and "memecoin grifters go to jail."

But shockingly enough, just minutes after the results of the guest list were released, many of the TRUMP token top holders started to sell of their memecoins, on chain data revealed.

According to Solana blockchain data, just eight of the top 25 wallets that secured VIP status for the gala dinner have still held any TRUMP tokens the day after the event.

This resulted in a massive 10% dip in the price of the Token right after the gala dinner.