Trump Media and Technology Group, the company behind Truth Social, initially denied a Financial Times report about a $3 billion crypto funding plan but reversed course the next day, adding to the broader confusion surrounding Trump-linked crypto projects like the Trump Wallet by Magic Eden.

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Trump Media and Technology Group, the company behind President Trump’s social media platform Truth Social, initially denied a May 26 report by the Financial Times, which claimed it was raising $3 billion in a mix of equity and convertible bonds to buy Bitcoin and other crypto. The company backflipped only a day later and confirmed a $2.5 billion capital raise to purchase Bitcoin through a $1.5 billion stock sale and a $1 billion convertible senior secured bonds.