Trump Media Denies $3B Crypto Investing Plan Reported by FT

Trump Media & Technology Group is reportedly preparing to raise $3 billion for cryptocurrency investments, including a $2 billion equity round and $1 billion convertible bond. The capital raise, timed ahead of a crypto summit in Las Vegas, would mirror MicroStrategy’s leveraged BTC approach, according to six sources cited by the Financial Times.

The company lashed out at the report, saying, “apparently the Financial Times has dumb writers listening to even dumber sources,” but declined further comment. TMTG, now valued near $6 billion, has previously revealed crypto-linked ventures including TruthFi, memecoins, and a digital ETF fleet.

Despite the denial, the Financial Times says strong investor demand recently pushed the offering size higher. Industry insiders suggest this aligns with Trump’s push to brand the U.S. as the “crypto capital of the world,” citing past initiatives like the Strategic Bitcoin Reserve and links to stablecoin issuer World Liberty Financial.

Critics argue the moves blur lines between state power and personal enrichment, as Trump transferred control of his $3 billion stake in TMTG to a trust led by his son. “It’s a rerun of the Strategy playbook, only this time the ticker is power,” one market observer said.

Sam Bankman-Fried (SBF) May Be Released Four Years Early

Sam Bankman-Fried could be released from prison in December 2044, more than four years ahead of his original sentence, according to Business Insider. The reduced term accounts for “Good Conduct Time,” prison program participation, and time served prior to sentencing. He is currently held in a low-security prison in San Pedro, California, after being convicted of a multi-billion-dollar fraud.

SBF was sentenced in March 2024 to 25 years for misappropriating FTX customer funds to support political donations and prop up Alameda Research. While in prison, he reportedly shared a unit with Sean “Diddy” Combs and gave a surprise interview to Tucker Carlson. Caroline Ellison, another central figure in the case, is now projected to be released in May 2026 after a two-year sentence reduction.

Coinbase Hit With Another Lawsuit Over Stock Drop

Coinbase is facing a new class action lawsuit filed by shareholders after its stock dropped 7.2% following a delayed data breach disclosure. Filed in Pennsylvania on May 23, the complaint alleges Coinbase failed to inform investors about a December breach involving bribed employees. It also claims the exchange violated U.K. compliance terms through its CB Payments division.

CEO Brian Armstrong and CFO Alesia Haas were named as defendants in the suit, which seeks damages for investors between April 2021 and May 2025. The plaintiffs argue Coinbase’s omissions caused financial harm when the breach became public on May 15. The stock has since partially rebounded to $263 but may face further volatility if the case advances.

Bitcoiners Slam Aussie Senator Over Ponzi Claim

Australian Senator Gerard Rennick sparked backlash on May 23 after calling Bitcoin a “Ponzi scheme” and questioning its utility because “you can’t eat Bitcoin.” In a post on X, Rennick claimed Bitcoin would hit $1 million due to market manipulation by firms like BlackRock. He further argued that Australia needs “real engineers, not financial engineers.”

Crypto leaders swiftly condemned the remarks, with the Australian Bitcoin Industry Body calling the comments a “deep misunderstanding.” Influencers like Laura Shin and Jimmy Kostro mocked the Senator, drawing comparisons to early internet criticism. Rennick dismissed the criticism, saying Bitcoiners shouldn’t care what politicians think if they seek freedom from state control.

Data of the Day

Roughly $3.3 billion worth of crypto tokens are set to unlock in June, according to data from Tokenomist. The amount represents a 32% decrease from May’s $4.9 billion and includes both cliff and linear unlocks. Projects typically lock tokens to prevent early dumps and reward contributors or investors over time.

The largest release belongs to Metars Genesis, with $193 million in tokens unlocking for an AI partnership. Sui will release $160 million worth of tokens on June 1, mostly for its treasury and Series B backers. Other projects like Aptos, LayerZero, ZKsync and Fasttoken will also release sizable allocations to insiders and early supporters.

More Breaking News

• Dubai launched a real estate tokenization platform using XRP Ledger, letting locals buy fractional property starting at just $540.
• A post-mortem of the Cetus hack reveals a code flaw allowed attackers to drain $223M in crypto using manipulated liquidity parameters.
• Alpaca Finance will sunset its DeFi platform following Binance’s delisting of its ALPACA token, citing limited strategic options.
• A guest at Trump’s crypto gala slammed the food as “Walmart steak” and called the former president’s speech “pretty much bullshit.”
• Strategy added 4,020 BTC for $427M, raising its total holdings to 580,250 BTC and further tightening corporate control over supply.
• Vitalik Buterin said Ethereum can serve as a fallback for cashless societies, as Sweden rethinks its overreliance on digital payments.
• Elon Musk confirmed X Money’s limited beta is underway, emphasizing caution when handling savings in the payment and banking app.

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