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Freight Technologies stock soars after announcing plans to buy Trump coin, critics aren't thrilled.
Freight Technologies stock soars after announcing plans to buy Trump coin, critics aren't thrilled.
Freight Technologies Inc., a small Houston-based logistics firm, has seen its stock more than double after announcing plans to make President Donald Trump’s memecoin a core holding of its treasury strategy. The move follows a wave of interest in digital assets among publicly traded companies seeking unconventional ways to boost their balance sheets.
“We are one of the first public companies to make the Trump coin a cornerstone of our digital asset strategy,” said CEO Javier Selgas in a company statement.
Freight Technologies said it will fund the Trump coin purchase by issuing up to $20 million in convertible notes, beginning with a $1 million offering. The company already holds about $8 million in FET tokens from Fetch.ai, a decentralized AI platform.
The announcement sent the penny stock soaring on May 2, pushing its market cap to $4.71 million. Shares swung wildly in the two sessions following the April 30 disclosure, echoing volatility seen in other crypto-enthused small caps.
Freight Technologies joins a growing list of small companies mimicking Michael Saylor’s MicroStrategy, which famously turned to convertible debt sales to acquire over $50 billion in Bitcoin.
Other recent examples include:
These surges reflect speculative investor enthusiasm, reminiscent of the meme-stock era’s dramatic trading swings.
Unlike Bitcoin or Solana, the Trump coin is a far less established cryptocurrency, debuting shortly before the president’s inauguration and shedding much of its value since. Its emergence has sparked criticism from lawmakers concerned about potential conflicts of interest. Sens. Adam Schiff and Elizabeth Warren recently warned that a private dinner planned for top coin holders could amount to “pay to play” corruption, urging an ethics probe.
Despite the controversy, Selgas framed the purchase as symbolic support for U.S.-Mexico trade:
“This is a way to advocate for fair, balanced, and free trade between Mexico and the U.S.,” he said.
Freight Technologies’ announcement adds a new layer to the ongoing intersection of politics, crypto speculation, and public markets.
Source: Transport Topics
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