U.S. President Donald Trump's social media firm, Trump Media & Technology, plans to raise about $3 billion to spend on cryptocurrencies such as bitcoin, the Financial Times reported on Monday, citing people familiar with the matter.

U.S.-listed shares of the company rose 9% in premarket trading.

Trump Media aims to raise $2 billion in fresh equity and $1 billion more through a convertible bond, the report said.

The terms, timing and size of the company's capital raise could still change, the FT report said.

Trump Media Group responded to a Reuters request for comment by calling both Reuters and the Financial Times "fake news" outlets. The White House did not immediately respond to a request for comment.

The company behind Truth Social, a streaming and social media platform, has been exploring potential mergers and acquisitions as it aims to diversify into financial services.

Last month, Trump Media reached a binding agreement to launch various retail investment products, including crypto and exchange-traded funds aligned with Trump's America First policies.

This, however, has attracted scrutiny from government ethics and regulatory authorities.

The company's capital raise is expected to be announced ahead of a major crypto investor and advocate meeting this week, the FT report said, adding that Vice President JD Vance and Trump's sons Donald Jr. and Eric are expected to speak.