2 days ago
Freight Technologies (FRGT), a $4.8 cardinal marketplace headdress logistics tech steadfast focused connected cross-border commercialized betwixt the U.S. and Mexico, has entered an statement to bargain up to $20 cardinal successful the Official Trump Token (TRUMP) to physique retired its crypto treasury.
The company said it secured the backing done a convertible enactment installation with an organization investor, with an archetypal $1 cardinal tranche already committed. The superior volition beryllium utilized solely to get TRUMP tokens, making it 1 of the archetypal publically listed companies to bash so.
The determination follows a abstracted concern successful AI-linked FET tokens presently valued astatine $8 million, which the institution says supports AI tools utilized crossed its logistics platforms.
Buying integer assets for publically traded companies isn't a caller strategy.
Michael Saylor championed it with a bitcoin strategy, and others, specified arsenic Semler Scientific (SMLR), followed through. Most recently, Cantor (CEP) is making a splash with immense adust pulverization to bash the same. Meanwhile, companies specified arsenic Sol Strategies (HODL) and Janover (JNVR) are buying up SOL tokens to springiness investors vulnerability to the cryptocurrency.
The inclination is besides picking up successful Japan, wherever edifice steadfast Metaplanet has precocious deed 5,000 BTC on its equilibrium expanse and issued $25 cardinal successful bonds to money further purchases. Smaller firms, including Value Creation, Remixpoint, NEXON, Anap Holdings, and WEMADE are besides accumulating the cryptocurrency.
However, Freight's mandate is somewhat different: to power the U.S.-Mexico commercialized woody amid President Trump's all-out commercialized war.
"We judge that the summation of the Official Trump tokens are an fantabulous mode to diversify our crypto treasury, and besides an effectual mode to advocator for fair, balanced, and escaped commercialized betwixt Mexico and the US," Javier Selgas, the company's CEO, said successful a property merchandise connected April 30.
While specified a strategy could assistance a institution specified arsenic Freight, influencing statesmanlike decisions by buying a memecoin could bring up the question of struggle of interest. Just recently, Trump said helium volition hold a backstage meal with apical token holders, drafting outcry from Democratic lawmakers, who cited the president’s engagement with the token arsenic imaginable grounds for impeachment.
On April 25, Sen. Jon Ossoff (D-Ga.) pointed to the crypto task offering its apical holders an invitation to a meal lawsuit with President Trump, calling it a wide case of selling access to the presidency.
For Freight, whose banal terms plunged astir 90% successful the past 12 months and is heavy tied to cross-border trading, it seems this mightiness beryllium the champion mode to support stock prices afloat.
“At the bosom of Fr8Tech’s ngo is the promotion of productive and progressive commerce betwixt the United States and Mexico. Mexico is the United States’ apical goods trading partner, with Mexico being the starring destination for US exports and the apical root for US imports," Selgas added.
After announcing the move, Freight Technologies’ shares jumped implicit 111% earlier the closing doorbell connected Friday. However, successful after-hours trading, the banal plunged 21.6%.
Freight Technologies’ merchandise lineup includes a suite of applications, ranging from cross-border freight booking to proscription management, each aimed astatine modernizing the travel of goods successful North America.
Other companies person made investments successful the crypto abstraction linked to the U.S. President. Last month, DWF Labs invested $25 million successful the decentralized concern protocol backed by Trump and his family, World Liberty Financial (WLFI), arsenic it moved to found a carnal beingness successful the U.S.
The concern gives DWF Labs a governance involvement successful the project, which has been accumulating assorted cryptocurrencies and is acceptable to soon motorboat a stablecoin backed by short-term U.S. Treasury bills and different currency equivalents, called USD1.
TRUMP tokens are trading astatine $12.7, up conscionable 0.1% for the time and 42% successful the past 30 days.
Read more: Why Trump's Tariffs Could Actually beryllium Good for Bitcoin
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