Markets, Trump, Fet, News Freight Technologies, which additionally invested in FET tokens, says it is aiming to strengthen its know-how and geopolitical positioning.
Freight Technologies (FRGT), a $4.8 million market cap logistics tech agency targeted on cross-border commerce between the U.S. and Mexico, has entered an settlement to purchase as much as $20 million within the Official Trump Token (TRUMP) to construct out its crypto treasury.
The company said it secured the funding via a convertible observe facility with an institutional investor, with an preliminary $1 million tranche already dedicated. The capital will likely be used solely to amass TRUMP tokens, making it one of many first publicly listed firms to take action.
The resolution follows a separate funding in AI-linked FET tokens presently valued at $8 million, which the corporate says helps AI instruments used throughout its logistics platforms.
Buying digital belongings for publicly traded firms is not a brand new technique.
Michael Saylor championed it with a bitcoin technique, and others, reminiscent of Semler Scientific (SMLR), adopted via. Most lately, Cantor (CEP) is making a splash with enormous dry powder to do the identical. Meanwhile, firms reminiscent of Sol Strategies (HODL) and Janover (JNVR) are shopping for up SOL tokens to present traders publicity to the cryptocurrency.
The pattern can be choosing up in Japan, the place lodge agency Metaplanet has lately hit 5,000 BTC on its steadiness sheet and issued $25 million in bonds to fund extra purchases. Smaller companies, together with Value Creation, Remixpoint, NEXON, Anap Holdings, and WEMADE are additionally accumulating the cryptocurrency.
However, Freight’s mandate is barely completely different: to affect the U.S.-Mexico commerce deal amid President Trump’s all-out trade war.
“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 US,” Javier Selgas, the corporate’s CEO, stated in a press launch on April 30.
While such a method may assist an organization reminiscent of Freight, influencing presidential choices by shopping for a memecoin may carry up the query of battle of curiosity. Just lately, Trump stated he’ll hold a private dinner with high token holders, drawing outcry from Democratic lawmakers, who cited the president’s involvement with the token as potential grounds for impeachment.
On April 25, Sen. Jon Ossoff (D-Ga.) pointed to the crypto mission providing its high holders an invite to a dinner occasion with President Trump, calling it a transparent case of selling access to the presidency.
For Freight, whose inventory worth plunged practically 90% within the final 12 months and is closely tied to cross-border buying and selling, it appears this is perhaps the easiest way to maintain share costs afloat.
“At the guts of Fr8Tech’s mission is the promotion of productive and energetic commerce between the United States and Mexico. Mexico is the United States’ high items buying and selling accomplice, with Mexico being the main vacation spot for US exports and the highest supply for US imports,” Selgas added.
After saying the transfer, Freight Technologies’ shares jumped over 111% earlier than the closing bell on Friday. However, in after-hours buying and selling, the inventory plunged 21.6%.
Freight Technologies’ product lineup features a suite of purposes, starting from cross-border freight reserving to transportation administration, all geared toward modernizing the circulation of products in North America.
Other firms have made investments within the crypto house linked to the U.S. President. Last month, DWF Labs invested $25 million within the decentralized finance protocol backed by Trump and his household, World Liberty Financial (WLFI), because it moved to determine a bodily presence within the U.S.
The funding provides DWF Labs a governance stake within the mission, which has been accumulating numerous cryptocurrencies and is ready to quickly launch a stablecoin backed by short-term U.S. Treasury payments and different money equivalents, called USD1.
TRUMP tokens are buying and selling at $12.7, up simply 0.1% for the day and 42% within the final 30 days.
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