Freight Technologies to Acquire $20 Million in Official Trump Tokens
Freight Technologies (FRGT), a logistics tech firm with a market cap of $4.8 million, plans to purchase up to $20 million in the Official Trump Token (TRUMP). This acquisition aims to enhance its crypto treasury.
- The funding is secured through a convertible note facility from an institutional investor, starting with an initial $1 million.
- The investment will exclusively target TRUMP tokens, positioning Freight as one of the first publicly listed companies to do so.
- Freight has already invested $8 million in AI-linked FET tokens, supporting its logistics platforms.
- This strategy aligns with broader trends where companies like Semler Scientific and Cantor are investing in cryptocurrencies.
- In Japan, firms such as Metaplanet are accumulating Bitcoin, with recent reports of reaching 5,000 BTC on their balance sheets.
CEO Javier Selgas stated that acquiring TRUMP tokens diversifies their crypto assets while advocating for fair trade between the U.S. and Mexico. However, this approach raises concerns about potential conflicts of interest, especially regarding Trump's involvement with the token.
- Freight's shares rose over 111% following the announcement but fell 21.6% in after-hours trading.
- The company's stock price has decreased nearly 90% in the past year.
- Freight's product offerings include applications for cross-border freight booking and transportation management.
Currently, TRUMP tokens are trading at $12.7, reflecting a daily increase of 0.1% and a 42% rise over the last 30 days.