Fight Fight Fight LLC, the company that made the Official Trump (TRUMP) meme coin, is trying to raise at least $200 million to set up a Digital Asset Treasury (DAT) that will buy the token.
Bloomberg reported on October 8 that this move is a direct intervention to stabilize the asset that is closely linked to the U.S. President. While the outcome of the fundraising is not yet certain, the ambitions are substantial, with a target range extending to $1 billion.
A Bid to Bolster a Struggling Asset
The planned treasury is the latest in a series of efforts to support the TRUMP token’s value. According to the Bloomberg report, Fight Fight Fight, operated by Donald Trump’s longtime associate Bill Zanker, is leading the quiet fundraising initiative.
The meme coin’s performance has been difficult; it is currently trading around $7.56, a drop of roughly 89% from its all-time high of $73.43 recorded earlier in the year, just after its launch. While it has seen a modest 3.1% increase over the past week, the asset remains down 11% for the month.
The project has previously tried to generate interest, including a high-profile dinner with top holders in May, which briefly lifted its price. However, a separate plan for a Trump-branded digital wallet was reportedly abandoned after a disagreement with another Trump-linked crypto business, World Liberty Financial.
A big factor affecting the meme coin’s market is the way its supply is spread out. According to on-chain analytics platform Messari, only 35% of the total 1 billion tokens are currently in circulation. This means that TRUMP has a circulating market value of about $1.5 billion.
Most of the supply is still locked up and is held by people or groups that are connected to the president. However, new tokens have been released into the market almost every week in the last few months, with the constant unlocks keeping the pressure to sell high. The new Digital Asset Treasury would ostensibly use its funds to buy TRUMP on the open market, potentially counteracting this downward pressure.
The Expanding Crypto Portfolio of the First Family
This fundraising effort is happening against the backdrop of the Trumps’ deepening involvement in digital assets. As CryptoPotato reported in early September, cryptocurrency has become the biggest portion of their paper net worth. This is largely due to the success of World Liberty Financial’s WLFI token, in which the family holds a stake once valued at over $6 billion, and their controlling share of the TRUMP meme coin.
Despite the market activity, President Trump has publicly distanced himself from direct profits from the cryptocurrency. In a May 5 interview with NBC News, he stated, “I haven’t even looked,” when asked about the asset. However, on-chain analysts then reported large transfers of the token to exchanges by related entities, suggesting possible sales.
The post Trump Token Issuer Seeks $200M to Build Digital Asset Treasury appeared first on CryptoPotato.
Operated by Trump ally Bill Zanker, the firm aims to form a Digital Asset Treasury to stabilize the Official Trump token AA News, Crypto News, Donald Trump, Official Trump (TRUMP)
This articles is written by : Nermeen Nabil Khear Abdelmalak
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