Trump Media’s $3 Billion Crypto Bid Raises Concerns Amid Harvard Dispute

Monicah W

President Trump’s family-controlled media company, Trump Media & Technology Group (TMTG), plans to raise $3 billion to buy cryptocurrencies such as Bitcoin. 

According to reports, the capital raise will include $2 billion in fresh equity and $1 billion via a convertible bond.

Trump Media’s Crypto Venture Coincides with the President’s Collision with Harvard

TMTG aims to announce the offering ahead of a major crypto conference in Las Vegas, where Vice President JD Vance and Trump’s sons, Donald Jr. and Eric, are expected to speak. 

According to the Financial Times, underwriters could include ClearStreet and BTIG. The at-the-market share sale would be executed near Friday’s closing price.

Notably, this move closely follows Trump’s threat to redirect $3 billion in federal research grants away from Harvard University to US trade schools. 

The administration froze roughly $2.2 billion in grants, mainly from the National Institutes of Health, after accusing Harvard of fostering antisemitism and non-compliance with federal directives. 

Meanwhile, Harvard has sued, calling the funding cuts unconstitutional. That proposal would require congressional action to reallocate funds designated for biomedical research. 

Critics argue it represents an overreach of executive power. However, supporters say it would boost vocational training in high-demand trades.

Political Optics of Parallel Funding Moves

While TMTG operates independently of the federal government, the timing and scale of its crypto ambitions have drawn scrutiny, given its close ties to the Trump family and the administration’s broader policy posture. 

There is a juxtaposition that can’t be ignored. A Trump-linked entity raising billions for digital asset investment as the administration pressures elite institutions and proposes to shift public funding toward vocational programs.

The President’s pro-crypto moves have brought notable progress for the crypto industry, particularly in the US. 

Yet, this continued crypto push from Trump-affiliated organizations does raise legitimate questions about influence, priorities, and the boundaries between private financial strategies and public policy. 

Meanwhile, the US President’s crypto ventures have been under political fire recently. Last week, the TRUMP meme coin dinner raised a lot of eyebrows. 

Several Democratic senators even held a surprise press conference to demand a full guest list.

TMTG’s portfolio already includes previous ventures in NFTs, meme coins, and crypto mining. It is also reportedly planning a crypto-focused ETF. 

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Cardano (ADA) Traders Face $20 Million Liquidations if Price Rises 9%

Cardano (ADA) has been experiencing a period of fluctuating price action. Despite efforts to recover, ADA has faced challenges in maintaining its upward momentum. 

While the altcoin has held onto an uptrend since the beginning of the month, it now faces a challenge. Traders may be pulled back from participating, potentially stalling any further price recovery.

Cardano Traders Are In Trouble

The sentiment around Cardano (ADA) is mixed. According to the Liquidation Map, short traders are at a disadvantage if ADA continues its uptrend. A breach of $0.77 would lead to the liquidation of approximately $20 million worth of short contracts.

This could result in upward pressure on the price as shorts are forced to close their positions. 

However, without strong bullish momentum, this upside potential may not materialize, keeping traders cautious. While short traders could face substantial losses if ADA rises, this risk does not necessarily mean that the uptrend is sustainable.

Cardano Liquidation Map.
Cardano Liquidation Map. Source: Coinglass

Overall, Cardano’s market momentum reflects a sense of uncertainty. The number of active addresses on the network has recently dropped to a four-month low of 20,700. This decline in investor participation indicates a lack of enthusiasm among ADA holders. Many investors are seemingly pulling back, waiting for clearer signals of recovery before re-engaging with the token. 

This lack of participation has had a negative impact on Cardano’s liquidity and transaction volume, further influencing its price dynamics. The decreasing number of active addresses also suggests that traders are hesitant to invest in ADA, which could slow down any potential price recovery.

Cardano Active Addresses
Cardano Active Addresses. Source: Santiment

ADA Price Faces Barrier

Cardano is currently trading at $0.70, holding above the support level of $0.70, and the uptrend line has supported the price since early March. The immediate target for ADA is to breach the $0.77 resistance level, but this remains a challenge. Achieving this would require a rise of approximately 9%, which may be difficult under the current market conditions.

In the absence of a broader market rally, ADA is likely to remain consolidated under the $0.77 resistance. Should the altcoin fail to hold the $0.70 support, it could experience a decline, potentially falling to $0.62. This would invalidate the recent bullish outlook, further dampening investor confidence.

Cardano Price Analysis.
Cardano Price Analysis. Source: TradingView

If ADA successfully breaches the $0.77 resistance, it could rise to $0.85, thereby invalidating the bearish thesis. Such a move would likely signal a more sustained recovery, as it would clear a significant hurdle for Cardano.

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Hyperliquid Market Cap Nears $10 Billion After Surpassing dYdX in Trading Volume

Hyperliquid recently surpassed the trade volume of perpetuals exchange dYdX, reaching $1.5 trillion. Despite being a much newer platform, Hyperliquid’s token buybacks and lack of cash incentives have provided long-term stability.

To be fair, Hyperliquid has also been involved in much larger controversies, famously delisting JELLYJELLY in response to a short squeeze earlier this year. Nonetheless, the platform has been rebuilding its reputation and generating high volume.

Hyperliquid Trading Volume Surpasses dYdX

Hyperliquid, a high-performance L1 trading blockchain, has been enjoying many successes recently. Earlier this month, it captured more than 60% of the perpetuals trading market, and its HYPE token hit a 3-month high shortly afterward.

Yesterday, analysts noticed that Hyperliquid’s all-time trading volume surpassed dYdX, and it reached $1.5 trillion today.

dYdX is a decentralized perpetuals exchange that has been active for five years, whereas Hyperliquid’s platform only launched in 2023.

Nonetheless, the younger protocol has overtaken it. After launching its native token in 2021, dYdX began employing it to reimburse users’ trading fees, boosting its volumes. It then built community hype around an informal “trading contest” with competitors.

Hyperliquid, on the other hand, did not rely on dYdX’s incentive strategy. After its own TGE last year, it managed to accumulate huge volumes through functionality, word-of-mouth, and product quality.

2024 was a peak year for crypto perpetuals trading, and the HYPE TGE took advantage of the moment. This has apparently proved to be a more durable approach.

Additionally, Hyperliquid directs the vast majority of its trading fees to token buybacks, which dYdX only instituted months later, and to a lesser degree.

This helped the firm repurchase 17% of the total circulating HYPE tokens, providing several key advantages. Over the last month, HYPE’s market cap has been steadily rising towards $10 billion:

Hyperliquid (HYPE) Market Cap
Hyperliquid (HYPE) Market Cap. Source: CoinGecko

Despite its strong rise, Hyperliquid has also seen several major controversies. For example, it denied claims of a Lazarus Group security breach despite clear on-chain evidence last year.

In March 2025, it unleashed a major scandal when it delisted JELLYJELLY in response to a short squeeze. This led to accusations of market manipulation and substantial losses.

dYdX hasn’t suffered a public debacle like that in many months, but Hyperliquid did act quickly to rebuild its reputation. So far, this seems to have worked.

Earlier today, Hyperliquid also reached a new all-time high in open interest, surpassing $8 billion. If it can maintain this momentum, the exchange can build a commanding lead over DeFi’s perpetuals market.

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