Fight Fight Fight LLC is raising at least US$200 million (AU$310 million), with a stretch target of up to US$1 billion (AU$1.55 billion), to form a Digital Asset Treasury that would buy Official Trump (TRUMP) on the open market.
According to a Bloomberg report, the effort is led by Bill Zanker, a longtime Trump associate, and is framed as a direct market intervention to stabilise the token, after prior efforts, including a May dinner with cheap food for top TRUMP holders failed (considering it barely lifted the price).
A separate plan for a Trump-branded digital wallet was reportedly scrapped after a dispute with World Liberty Financial (WLF).
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TRUMP trades near US$7.56 (AU$11.72), down about 89% from its post-launch peak of US$73.43 (AU$113.82). The token is up 3.1% on the week but down 11% for the month, according to data from CoinMarketCap.
Naturally, the initiative comes due to heightened selling pressure, mostly due to the token’s supply structure. Data from Messari shows only 35% of the 1 billion supply is circulating, implying a circulating market value near US$1.5 billion (AU$2.33 billion).
New tokens have entered the market almost weekly in recent months, keeping sell pressure elevated. The proposed treasury would deploy capital to absorb supply on exchanges.
President Trump has publicly distanced himself from direct crypto profits, but the Trump family has seen its collective wealth increase by around US$1.3 billion (AU$1.97 billion) in early September, mostly thanks to the launch of American Bitcoin (ABTC) and gains from WLF, as Crypto News Australia reported.
WLF is looking to move beyond stablecoins and instead explore tokenisation, including commodities and other assets, such as oil, gas and cotton.
Related: Card Race: Trump’s WLFI Preps Stablecoin Debit Card as Stripe and Visa Back Fold’s Bitcoin Rewards Card
The post Trump Ally Seeks $200M to Rescue ‘TRUMP’ Token With New Digital Asset Treasury appeared first on Crypto News Australia.
