Trump Media and Technology Group Corp. DJT May Be Venturing into the Cryptocurrency Business

DJT may be venturing into the cryptocurrency business, but Polymarket bettors don't expect the firm to invest in President Donald Trump's Official Trump TRUMP/USD meme coin to begin with.

Despite rumors and speculations, Polymarket bettors are not expecting Trump Media and Technology Group Corp. (NYSE: DJT) to invest in President Donald Trump’s Official Trump TRUMP / USD meme coin.

What Happened: The odds in favor of TMTG buying TRUMP were a slim 16% on the Polygon POL / USD-based prediction platform.

The market would pay out to "Yes" if Trump Media and Technology Group, either directly or through a subsidiary, invests in the meme coin.

About $142,753 has been wagered on the outcome.

Polymarket is not available to U.S. residents.

TMTG, which is co-founded and majority-owned by Trump, announced a partnership with Singapore-based cryptocurrency exchange Crypto.com (CRYPTO: CRO) last week to launch exchange-traded funds, including those tied to cryptocurrencies.

Bitcoin (BTC) and Crypto.com’s native token Cronos (CRO) would be included in the cryptocurrency basket.

TMTG did not immediately respond to Benzinga’s request for comment.

Why It’s Important: The meme coin, which was launched just before Trump’s swearing-in, quickly spawned a whopping $75 billion in fully diluted capitalization. It has since seen a steep decline, shedding 86% in value from its peak.

A majority supply of TRUMP is held by entities linked to The Trump Organization, a conglomerate owned and run by the Trump family.

The president touted the coin as "the greatest of them all" on his Truth Social account.

Now Read: Shiba Inu Attracts More Diamond Hands Than Bitcoin, Ethereum But Is High Whale Concentration Something To Be Worried About?

Trump Media and Technology Group, the company founded by former President Donald Trump, is now planning to invest in President Trump’s Official Trump (TRUMP / USD) meme coin, according to a new report by The New York Times.

According to the report, Trump Media and Technology Group is in the process of raising funds to invest in the meme coin, which is expected to be used to launch a new line of Trump-branded products and services.

The move comes as part of Trump Media and Technology Group’s broader efforts to expand its business and capitalize on Trump’s vast fan base.

Trump Media and Technology Group was founded in 2021 with the goal of creating a new media and technology company that would be free from what Trump and his allies view as the "cancel culture" of Silicon Valley.

The company launched its flagship social media platform, Truth Social, earlier this year. The platform is designed to be a conservative alternative to platforms such as Facebook (META) and Twitter (X).

Trump Media and Technology Group is also planning to launch a streaming service, which will feature Trump’s own programs, as well as content from other conservative creators.

The company is funded by SPAC (Special Purpose Acquisition Company)

Magno (NYSE: MAG ) is a blank check company that is set to take Trump Media & Technology Group public. It is noteworthy that SPACs were a preferred capital-raising method in 2020 and 2021, but their popularity has since waned.

Despite this, reports in February indicated that Trump Media planned to use SPAC Magno to become a publicly listed company later this year.

Earlier this year, Trump Media announced a partnership with Crypto.com to launch a series of exchange-traded funds, which will be sold through Trump Media’s subsidiary, Trump Innovation.

The partnership will also see the two companies collaborate on new products and services in the Web3 space.

Trump Media and Technology Group stock price is trading at $19.83, up 0.43%, at the last check on Friday.