Freight Technologies (Fr8Tech), a company listed on Nasdaq offering logistics solutions, is establishing a $20 million corporate treasury to acquire Official Trump (TRUMP) memecoins.
A statement released on Wednesday revealed that an agreement had been secured with an undisclosed institutional investor to issue up to $20 million in convertible notes through a facility. The capital from this financing has been exclusively earmarked for the purchase of TRUMP tokens, according to the statement.
It was stated by Fr8Tech CEO Javier Selgas that the addition of the Official Trump tokens is considered an excellent method to diversify the crypto treasury and an effective way to promote fair, balanced, and free trade between Mexico and the U.S.
Earlier this month, the acquisition of FET, the native cryptocurrency for Fetch.ai, was announced by the company. The $5.2 million deal involved the exchange of over 2.3 million preferred shares of the company for the cryptocurrency.
“At the heart of Fr8Tech’s mission is the promotion of productive and active commerce between the United States and Mexico,” Selgas added. He cited U.S. Treasury Secretary Scott Bessent’s comment, which emphasized that deeper collaboration with trade partners is the goal, despite the “America First” slogan.
Fr8Tech announced that an aggregate amount of $1 million worth of notes will be issued in the first tranche, with up to an additional $19 million set to be available in subsequent drawdowns.
The company’s stock price briefly surged on Wednesday following the announcement but has since returned to pre-announcement levels. According to Google Finance data, a 20.6% decline was recorded in its stock, closing at $0.98 on Thursday, while The Nasdaq Composite saw a 1.52% increase.
Meanwhile, an additional 40 million tokens, representing 4% of its total supply, were recently released to the open market by the official Trump memecoin project. The memecoin is currently being traded at $12.37, reflecting a 4.8% decrease in the last 24 hours, as reported by The Block’s TRUMP price page.
Following the election of President Donald Trump and the push by his administration for national bitcoin and crypto reserves, the accumulation of cryptocurrencies in corporate treasuries was accelerated by many companies.
Despite macro-driven pressure on the crypto market, major bitcoin holders Strategy and Metaplanet have continued to accumulate bitcoin, while a rebranding effort was recently undertaken by DeFi Development Corporation and SOL Strategies to refocus their investment efforts on Solana.
A new crypto venture, named Twenty One Capital, was created earlier this month by traditional finance giants Cantor Fitzgerald and SoftBank in collaboration with Tether. The venture is set to launch with $3.6 billion worth of bitcoin in its treasury, following a Strategy-like approach focused on accumulating bitcoin holdings.
, a company listed on Nasdaq offering logistics solutions, is establishing a $20 million corporate treasury to acquire Official Trump (TRUMP) memecoins.){kind=link}