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 8% in overnight 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.

Bitcoin was up 1.5%, its biggest move up or down in three days and largest gain in four days.