Tiny Logistics Firm’s Shares Surge on Plan to Buy Trump Coin (1)

A small logistics company’s plan to hold President Donald Trump’s memecoin as a treasury asset is fueling its blistering stock rally.

Freight Technologies Inc. said it will use proceeds from the sale of convertible notes to buy the Trump digital token. The company intends to start with a $1 million offering, and may raise up to $20 million. The penny stock more than doubled on Friday, giving it a $4.71 million market value. The move followed a more than 20% swing up and then back down in the two trading sessions after Wednesday’s morning announcement.

The Houston-based company said ...