The Houston-based company said in a press release that it is one of the first public companies to make the Trump coin "a cornerstone of its digital asset strategy." The purchase came after Freight Technologies acquired FET tokens from Fetch.ai, a decentralised artificial intelligence platform. As of April 29, the company said it holds about US$8 million worth of FET.
A small logistics company's plan to hold President Donald Trump's memecoin as a treasury asset is fueling its blistering stock rally.
Nasdaq-listed Freight Technologies said it will use proceeds from the sale of convertible notes to buy the Trump digital token. The company intends to start with a US$1 million ($1.3 million) offering, and may raise up to US$20 million. The penny stock more than doubled on Friday, giving it a US$4.71 million market value. The move followed a more than 20% swing up and then back down in the two trading sessions after Wednesday's morning announcement.
