Freight Technologies, a logistics tech company, has announced plans to acquire Official Trump tokens worth up to $20 million.
Purchase of Official Trump Tokens
Freight Technologies, a U.S.-listed logistics tech firm with a market capitalization of $4.8 million, has announced plans to buy up to $20 million worth of Official Trump Tokens. This move is part of a strategy to expand the company’s cryptocurrency holdings.
Funding Through Convertible Notes
According to a press release, the funding will come through a convertible note facility with an institutional investor. The first $1 million tranche has already been committed. The company stated that the funds will be used solely to acquire TRUMP tokens, making it one of the first publicly traded firms to do so.
Market Reaction and Previous Investments
CEO Javier Selgas stated that the addition of Official Trump tokens is an excellent way to diversify their crypto treasury. Following the announcement, Freight's shares surged over 111% before market close on Friday, though they dropped by 21.6% in after-hours trading. This is not Freight's first venture into crypto; the company had previously invested $8 million in the FET token, associated with AI tools it uses in its logistics systems.
In conclusion, Freight Technologies continues to actively invest in the cryptocurrency sector, reflecting a broader trend among public companies.
