Trump Media and Technology Group has strongly denied reports that it is raising $3 billion to buy Bitcoin and other cryptocurrencies. The company, which owns the Truth Social platform, slammed a recent Financial Times article claiming it planned a mix of $2 billion in equity and $1 billion in convertible bonds for crypto investments. In a sharp rebuttal, Trump Media stated, “Apparently the Financial Times has dumb writers listening to even dumber sources.”

The Financial Times cited six unnamed individuals who said Trump Media was preparing a major fundraising round. Shares of Trump Media (DJT) rose 4.6% to $25.72 on May 23, placing the company’s market cap at $5.7 billion. According to the report, funds would potentially mirror strategies used by firms like MicroStrategy, Metaplanet, and Semler Scientific—companies known for converting reserves into Bitcoin as a hedge against inflation.

While Trump Media denied the claims, the buzz around potential crypto expansion reignited political controversy. The Trump family’s growing presence in the crypto space has drawn criticism from Democratic lawmakers, especially after Donald Trump hosted a memecoin-themed dinner on May 22. Critics argue the ventures present serious conflicts of interest, considering Trump’s possible regulatory influence.

Trump’s digital asset portfolio includes multiple NFT collections, the Trump and Melania memecoins, a DeFi platform called World Liberty Financial, and even a dollar-pegged stablecoin. Notably, Trump recently transferred his 53% ownership in Trump Media to a revocable trust managed by his son, Donald Trump Jr., raising further questions about transparency and control.

Despite the denial, speculation remains high as Trump’s media empire continues to intersect with the fast-moving crypto world.