- Freight Technologies invests $20M in Official Trump Token (TRUMP)
- $1M initial fund committed for TRUMP token purchase, $19M available
- Freight Technologies aims to diversify treasury, boosting US-Mexico trade ties
Freight Technologies (FRGT) has obtained up to $20 million in funds to purchase the Official Trump Token (TRUMP). The logistics tech firm, which focuses on cross-border trade between U.S. and Mexico, intends to use the funds to diversify its digital asset portfolio and TRUMP-centered crypto treasury. This positions Freight Technologies as one of the few public companies that invest in cryptocurrency.
The company has partnered with an institutional investor and secured a convertible note facility to fund the exclusive investment in TRUMP tokens. The initial $1 million investment has been distributed, and the other $19 million is available for subsequent drawdowns. All funds will be dedicated to purchasing TRUMP which demonstrates Freight Technologies’ confidence in the token’s role in their digital asset strategy.
Freight Technologies recently acquired FET tokens worth about $8 million. The firm plans to use FET tokens to boost its AI-driven logistics platforms because these tokens are essential to its technological infrastructure. This approach to merging blockchain with its operations positions Freight Technologies as a leader in the logistics and cryptocurrency sectors.
Freight Technologies’ TRUMP Acquisition Sparks Concerns
Freight Technologies’ CEO, Javier Selgas, has stressed the firm’s dedication to stimulating active trade between the U.S. and Mexico. Selgas stated that Mexico is a major U.S. trading partner as an export destination and source of imports. The company believes the TRUMP investment will expand its treasury as well as support fair and balanced trade policies between the U.S. and Mexico.
However, the TRUMP investment has attracted attention and backlash from different quotas. Some critics argue that the purchase of a memecoin tied to a political figure could lead to a conflict of interest. Trump recently announced that he will host top TRUMP token holders to a private dinner, which intensified concerns about undue influence on political decisions.
Market Reaction to TRUMP token Acquisition
After the firm announced the acquisition of TRUMP tokens, Freight Technologies stock prices increased by more than 111%. However, the stock saw a 21.6% decline in after-hours trading. The price fluctuations demonstrate the volatility and possible risks inherent in cryptocurrency investments.
Freight Technologies continues to modernize the flow of goods in North America. The firm offers products such as cross-border freight booking and transportation management. Freight Technologies seeks to leverage the TRUMP and FET tokens to improve its operations as well as effectively manage digital assets and international trade.
TRUMP token currently trades at $12.7, which shows an impressive 42% increase in price in the last 30 days.
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