- Freight Technologies’ stock jumped 75% after the Trump coin announcement.
- The company plans to buy $20 million worth of the TRUMP memecoin.
- Senators have called Trump’s token gala an ethics violation.
Bitcoin has become the reserve asset of choice for corporate giants like Strategy and the newly formed Twenty One Ventures.
But other companies are hedging with memecoins.
One of them is Freight Technologies, a Houston-based logistics minnow whose stock more than doubled this week after announcing plans to buy up to $20 million worth of President Donald Trump’s eponymous meme token, TRUMP.
The company said it had secured funding through convertible notes and would make the memecoin a “cornerstone” of its digital asset treasury.
This comes just over a month after it acquired $5.2 million worth of FET tokens from Fetch.ai, which the company says had grown to approximately $8 million by the end of April.
Shares of the Nasdaq-listed firm jumped from 95 cents to over $3 on Friday before slipping back to around $1.63 in after-hours trading — a 75% gain in the past month.
CEO Javier Selgas framed the Trump coin buy as part of a broader push to modernise cross-border logistics with digital assets, saying it also reflects the company’s support for “fair, balanced, and free trade” between the US and Mexico.
But the timing is also curious. Its announcement landed just as Trump’s memecoin drew national scrutiny as well as potential legal troubles.
Last week, Democratic Senators Elizabeth Warren and Adam Schiff called for an ethics investigation into the president’s decision to host a gala dinner for the top 220 holders of the TRUMP token, calling it “pay-to-play corruption.”
Freight’s press release made no mention of the gala or any political risks surrounding the token and focused instead on its potential role in a “diversified crypto treasury strategy.”
And while it’s currently in the green on its FET investment, memecoins are a different beast.
After peaking at a market cap of $8 billion earlier this year, TRUMP has since shed more than 75% of its value.
The token spiked again last week on news of the gala dinner, gaining more than 60% before slipping back to a one-week low of around $11.
Crypto market movers
- Bitcoin has lost 0.7% in the past 24 hours and is trading at $95,650.
- Ethereum is up 0.4% in the same period to $1,830.
What we’re reading
Kyle Baird is Inside Solana’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
