Houston-based Freight Technologies Inc. (Fr8Tech) recently invested millions in President Donald Trump’s official meme coins as a way to push for more technology investment and commerce between the United States and Mexico.
Fr8Tech announced on April 30 a $20 million bond agreement earmarked for the purchase of $TRUMP meme coins. Since then, Fr8Tech has made two purchases of $TRUMP totaling $2 million.
“Fr8Tech’s continued investment into TRUMP puts us at the intersection of finance and advocacy,” CEO Javier Selgas said in a news release on Monday. “It reflects our confidence in the long-term value and utility of blockchain-based digital assets and provides a unique opportunity to champion fair and free trade across the U.S.-Mexico border in the interests of our customers.”
Fr8Tech (Nasdaq: FRGT) is a digital freight matching technology for shippers and carriers moving loads between the U.S. and Mexico, as well as domestic U.S. and domestic Mexico shipments.
“While Mexican President Claudia Sheinbaum’s recent comments that the U.S. and Mexico are … ‘working in the coming days on options to improve our trade balance and advance outstanding issues for the benefit of both countries’ is encouraging, we see no reason why a collaborative and constructive framework for fair and free trade cannot be established now,” Selgas said. “We believe both countries have the tools and resources to simultaneously resolve current challenges, such as the flow of fentanyl and other narcotics, and maintain legitimate cross-border commerce.”
In addition to advocating for more trade between Mexico and the U.S., Fr8Tech aims to make the cryptocurrency the cornerstone of its digital asset strategy, officials said.
Fr8Tech’s flagship products — Fr8App and Fr8Now — use AI to connect freight transportation with carriers in real time.
In addition to $TRUMP, Fr8Tech purchased $5.2 million in FET Tokens from Fetch Compute Inc. on April 1. FET Tokens are the cryptocurrency that powers Fetch.ai, a decentralized machine learning platform.
“For Fr8Tech, cryptocurrencies are not just a treasury strategy; they are part of a broader, long-term vision of how technology can enhance logistics, incentives, and the movement of goods,” a Fr8Tech spokesman told FreightWaves in an email. “For example, we are evaluating how carriers, shippers, brokers and other participants in the logistics market can transact, invest and grow using crypto on our Fr8App platform.”
Trump launched his meme coins on Jan. 17, which “celebrates a leader who doesn’t back down, no matter the odds,” according to its website. A business entity linked to Trump owns a large share of the coins, The New York Times reported.
