The startup behind US President Donald Trump’s official memecoin is seeking to raise at least $200 million to build a digital-asset treasury aimed at buying back the token, which has collapsed around 90% from its peak.
Fight Fight Fight LLC, led by Trump ally and longtime promoter Bill Zanker, is spearheading the effort, Bloomberg reported on Wednesday, citing people familiar with the matter. The funding target could reach as high as $1 billion, although the deal remains in its early stages and may not materialize.
The move marks the latest attempt to revive the token’s price, which has plunged from its all-time high of $75 in January this year to around $8, according to CoinMarketCap data. The Official Trump (TRUMP) is also down more than 10% over the past month.
According to Messari, roughly 35% of the Trump token’s supply is currently unlocked and tradeable, giving it a circulating market value of $1.5 billion. The remaining 65%, around 800 million tokens, is held by Trump-related entities and locked under vesting schedules.
Related: What to expect as US government shutdown enters second week
Trump’s memecoin dinner sparks protests
In May, Trump attended a private dinner with top holders of his memecoin, where around 220 guests, including Tron founder Justin Sun, dined on filet mignon and halibut under “Fight Fight Fight” banners. Outside, over 100 protesters denounced the event as political profiteering, holding signs accusing Trump of “crypto corruption.”
Following the event, 35 House members asked the public integrity section acting chief, Edward Sullivan, to launch an inquiry into the memecoin dinner to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution.
As Cointelegraph reported, Trump also faced scrutiny after speaking at the event while standing behind a lectern emblazoned with the official presidential seal, a move that may violate federal law.
Related: Melania Trump promotes memecoin as team faces $10M sale claims
ALT5 Sigma to build World Liberty Financial treasury
While Fight Fight Fight’s token treasury remains conceptual, other Trump-affiliated ventures have already proceeded with similar initiatives.
In August, ALT5 Sigma Corporation announced plans to raise $1.5 billion through the sale of 200 million common shares at $7.50 each. The funds will be used to build out its World Liberty Financial (WLFI) corporate treasury.
Last month, 99% of WLFI holders also approved a token-burning strategy to reduce the supply and boost the value of the token. Under the plan, fees generated from WLFI-managed liquidity pools will be used for token repurchases, which will then be permanently removed from circulation via burns.
Magazine: Quitting Trump’s top crypto job wasn’t easy: Bo Hines
