A small U.S. logistics company announced that it would make headlines as part of the Treasury Department. Shares of Freight Technologies Inc. rose more than 100% on Friday after the announcement.
According to a Bloomberg report, lesser-known companies intend to use the proceeds of the sale of convertible notes to acquire cryptocurrency assets with political charges, which are linked to U.S. President Donald Trump.
As of Friday, Freight Technologies Inc’s stock rose 108% to its market value of $4.6 million. However, the price of Trump token did not show much action on the day.
Plans to start with Trump’s $1 million
Freight Technologies is launching the program for $1 million to buy Trump’s tokens, Bloomberg reported. The company can increase it to $20 million in the future. It was one of the first publicly traded companies to announce Trump as a major digital asset in his reserves.
The action seems to be no longer an investment, but an investment in name recognition and hype. Trump is a memorial factor, which is notorious for wild price fluctuations. After the announcement, the coin did not fluctuate much, which could indicate that the market responded in the same way as investors responded to freight stocks.
The company already holds $8 million in FET
Freight technology is not a stranger to cryptocurrency. The company earlier purchased $8 million worth of FET tokens. FET is a local cryptocurrency for Fetch.ai, a decentralized platform with a focus on artificial intelligence. As of April 29, the investment has been confirmed.
TRUMP Coin price up in the last 30 days. Source: Coingecko
Bitcoin Leading Corporate Reserve
When it comes to crypto reserves, other companies are taking the opposite approach. Both strategy and Metaplanet are focused on bitcoin, not adults. On May 1, Michael Saylor announced a strategy to double its $42 billion in equity and another $42 billion in fixed income plans, which is just buying more Bitcoin.
The company also said it has a BTC yield of nearly 14%, with profits so far approaching $6 billion. In 2025, the strategy aims to increase that yield by a quarter and make a profit to $15 billion. Metaplanet also reserved 3.6 billion yen to enhance Bitcoin reserves.
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