Three Trump Media & Technology Group executives are heading up a company that could look to buy a US-based crypto or blockchain firm, citing the Trump administration’s backing of the sector.

The trio is targeting a $179 million public and private offering through the Cayman Islands-based special-purpose acquisition company (SPAC), Renatus Tactical Acquisition Corp I, according to a March 14 regulatory filing first reported by Forbes.

Renatus Tactical’s CEO, Eric Swider, is a director at Trump Media and was the CEO at Digital World Acquisition Corp., a SPAC that merged with the firm, allowing it to go public. Renatus Tactical’s operating chief, Alexander Cano, was Digital World’s president, while Trump Media CEO and chair Devin Nunes also chairs Renatus Tactical.

Renatus Tactical wasn’t specific about what it was looking to buy. It said it could acquire “one or more businesses” and is also looking to invest in data security and technology used for both military and non-military applications.

It said it could pursue a business in any of the industries anywhere in the world but intends to focus its search “on high-potential businesses based in the United States.”

Renatus Tactical aims to raise over $178.94 million through 17.5 million public shares at $10 each and over 3.94 million private placement warrants at $1 each. Source: SEC

In the filing, Renatus Tactical said US President Donald Trump’s administration “has taken unprecedented steps to integrate digital assets into the national financial strategy,” citing Trump’s early March executive order to create both a Bitcoin (BTC) reserve and a crypto stockpile and his January order tasking a working group to propose crypto laws.

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However, the company said that its Trump ties could be a problem, as some “may not want to engage with us to provide services due to the affiliation of our management team and our board of directors” with Trump and Trump Media.

That’s been an issue for car maker Tesla, which has seen its share price tank over 40% this year due in part to its CEO Elon Musk taking up a role as White House cost-cutting czar, which has sparked attacks that have burned Tesla cars and vandalized dealerships across the US.

Trump has a majority stake in Trump Media, which runs the social media platform Truth Social. 

Forbes estimates that Trump is worth about $4.8 billion, while Bloomberg has put his wealth at over $6.5 billion, but both said his 114.75 million shares in Trump Media account for the bulk of his wealth, worth $2.36 billion at the company’s current closing price of $20.59.

Trump put the shares into a trust in December in an effort to dampen a conflict of interest ahead of his inauguration.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions