A Tiny Company Wants to Buy $20M TRUMP Token to Change U.S.-Mexico Trade Deals
A Tiny Company Wants to Buy $20M TRUMP Token to Change U.S.-Mexico Trade Deals
Freight Technologies, which also invested in FET tokens, says it's aiming to strengthen its technology and geopolitical positioning.
- Freight Technologies is set to invest up to $20 million in the Official Trump Token (TRUMP) as it builds a crypto treasury.
- Freight Technologies’ shares jumped over 111% after the announcement but plunged 21.6% in after-hours trading.
Freight Technologies, a small logistics tech company with a market cap of $4.8 million, is making a strategic move by investing up to $20 million in the Official Trump Token (TRUMP) to expand its crypto treasury. This decision comes on the heels of the company's previous investment in FET tokens linked to AI technology.
With a focus on cross-border trade between the U.S. and Mexico, Freight Technologies aims to leverage digital assets like TRUMP tokens to strengthen its position in both technology and geopolitics. By diversifying its crypto holdings, the company sees an opportunity not only to boost its financial standing but also to advocate for fair and balanced trade relations between Mexico and the United States.
The move sparked investor excitement initially, with Freight Technologies' shares surging by over 111%, although they later dipped by 21.6% in after-hours trading. The company's CEO, Javier Selgas, emphasized that embracing TRUMP tokens aligns with their mission of fostering commerce between the two countries.
While some critics raise concerns about potential conflicts of interest when companies influence political decisions through digital investments like memecoins tied to prominent figures such as President Trump, Freight Technologies believes this strategy aligns with its vision of promoting active trade partnerships between the U.S. and Mexico.
In a landscape where other firms are also venturing into crypto investments connected to political figures like President Trump, it seems that companies are exploring new avenues to diversify their portfolios and adapt to evolving market dynamics.
As TRUMP tokens continue trading at $12.7 per token - showing minor gains for the day and significant growth over the past month - Freight Technologies remains committed to modernizing cross-border trade operations through innovative applications tailored for efficient goods movement across North America.
On April 25, Sen. Jon Ossoff (D-Ga.) pointed to the crypto project offering its top holders an invitation to a dinner event with President Trump, calling it a clear case of selling access to the presidency.
For Freight, whose stock price plunged nearly 90% in the last 12 months and is heavily tied to cross-border trading, it seems this might be the best way to keep share prices afloat.
“At the heart of Fr8Tech’s mission is the promotion of productive and active commerce between the United States and Mexico. Mexico is the United States’ top goods trading partner, with Mexico being the leading destination for US exports and the top source for US imports," Selgas added.
After announcing the move, Freight Technologies’ shares jumped over 111% before the closing bell on Friday. However, in after-hours trading, the stock plunged 21.6%.
Freight Technologies’ product lineup includes a suite of applications, ranging from cross-border freight booking to transportation management, all aimed at modernizing the flow of goods in North America.
Other companies have made investments in the crypto space linked to the U.S. President. Last month, DWF Labs invested $25 million in the decentralized finance protocol backed by Trump and his family, World Liberty Financial (WLFI), as it moved to establish a physical presence in the U.S.
The investment gives DWF Labs a governance stake in the project, which has been accumulating various cryptocurrencies and is set to soon launch a stablecoin backed by short-term U.S. Treasury bills and other cash equivalents, called USD1.
TRUMP tokens are trading at $12.7, up just 0.1% for the day and 42% in the last 30 days.
