The gold market is seeing a shift in activity, with central bank buying slowing and demand from exchange-traded funds and gold-backed cryptocurrencies growing. The latter recently moved to a three-year high, as measured by the net minting volume for tokens backed by the precious metal.

Over $80 million worth of these tokens were minted over the past month, according to data from rwa.xyz. That boost helped push the sector’s market cap up 6% to $1.43 billion. Meanwhile, monthly transfer volume rose 77% to $1.27 billion, marking a sharp resurgence of interest in digital representations of the precious metal.

The rise in token activity mirrors a broader trend in the gold market.

The World Gold Council’s latest report shows that total gold demand in the first quarter of the year reached 1,206 tonnes—a 1% year-over-year increase and the strongest first quarter since 2016. The surge came despite a slowdown in central bank purchases, which fell to 244 tonnes, down from 365 tonnes in the fourth quarter.

Gold ETFs played a central role in the shift. Investment demand has more than doubled to 552 tonnes, suggesting investors are moving into the precious metal, a move central banks are known for historically.

Those inflows helped push the average quarterly price of gold to a record $2,860 per ounce, up 38% from the previous year. Yet the price dipped 2.35% last week, after rising 23.5% year-to-date, while risk assets, including cryptocurrencies, rose. Spot gold is currently trading at $3,240.

While traditional gold demand, such as jewelry, saw a downturn—dropping to pandemic-era lows—bar and coin demand stayed elevated, especially in China.

Read more: Tokenized Gold Surges Above $2B Market Cap as Tariff Fears Spark Safe Haven Trade

Freight Technologies (FRGT), a $4.8 million market cap logistics tech firm focused on cross-border trade between the U.S. and Mexico, has entered an agreement to buy up to $20 million in the Official Trump Token (TRUMP) to build out its crypto treasury.

The company said it secured the funding through a convertible note facility with an institutional investor, with an initial $1 million tranche already committed. The capital will be used solely to acquire TRUMP tokens, making it one of the first publicly listed companies to do so.

The decision follows a separate investment in AI-linked FET tokens currently valued at $8 million, which the company says supports AI tools used across its logistics platforms.

Buying digital assets for publicly traded companies isn’t a new strategy.

Michael Saylor championed it with a bitcoin strategy, and others, such as Semler Scientific (SMLR), followed through. Most recently, Cantor (CEP) is making a splash with huge dry powder to do the same. Meanwhile, companies such as Sol Strategies (HODL) and Janover (JNVR) are buying up SOL tokens to give investors exposure to the cryptocurrency.

The trend is also picking up in Japan, where hotel firm Metaplanet has recently hit 5,000 BTC on its balance sheet and issued $25 million in bonds to fund additional purchases. Smaller firms, including Value Creation, Remixpoint, NEXON, Anap Holdings, and WEMADE are also accumulating the cryptocurrency.

However, Freight’s mandate is slightly different: to influence the U.S.-Mexico trade deal amid President Trump’s all-out trade war.

«We believe that the addition of the Official Trump tokens are an excellent way to diversify our crypto treasury, and also an effective way to advocate for fair, balanced, and free trade between Mexico and the US,» Javier Selgas, the company’s CEO, said in a press release on April 30.

While such a strategy could help a company such as Freight, influencing presidential decisions by buying a memecoin could bring up the question of conflict of interest. Just recently, Trump said he will hold a private dinner with top token holders, drawing outcry from Democratic lawmakers, who cited the president’s involvement with the token as potential grounds for impeachment.

On April 25, Sen. Jon Ossoff (D-Ga.) pointed to the crypto project offering its top holders an invitation to a dinner event with President Trump, calling it a clear case of selling access to the presidency.

For Freight, whose stock price plunged nearly 90% in the last 12 months and is heavily tied to cross-border trading, it seems this might be the best way to keep share prices afloat.

“At the heart of Fr8Tech’s mission is the promotion of productive and active commerce between the United States and Mexico. Mexico is the United States’ top goods trading partner, with Mexico being the leading destination for US exports and the top source for US imports,» Selgas added.

After announcing the move, Freight Technologies’ shares jumped over 111% before the closing bell on Friday. However, in after-hours trading, the stock plunged 21.6%.

Freight Technologies’ product lineup includes a suite of applications, ranging from cross-border freight booking to transportation management, all aimed at modernizing the flow of goods in North America.

Other companies have made investments in the crypto space linked to the U.S. President. Last month, DWF Labs invested $25 million in the decentralized finance protocol backed by Trump and his family, World Liberty Financial (WLFI), as it moved to establish a physical presence in the U.S.

The investment gives DWF Labs a governance stake in the project, which has been accumulating various cryptocurrencies and is set to soon launch a stablecoin backed by short-term U.S. Treasury bills and other cash equivalents, called USD1.

TRUMP tokens are trading at $12.7, up just 0.1% for the day and 42% in the last 30 days.

Read more: Why Trump’s Tariffs Could Actually be Good for Bitcoin

Arizona will not be investing in bitcoin (BTC), at least not this year.

Governor Katie Hobbs vetoed a bill on Friday that would have allowed the state to hold the digital asset as part of its official reserves.

The legislation, known as Senate Bill 1025, proposed using seized funds to invest in BTC and create a digital assets reserve managed by the state. After passing the state House in a narrow 31–25 vote, the bill reached Hobbs’ desk, where it was swiftly struck down.

“The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currencу,” Hobbs wrote in a statement.

The veto ends a push that could have made Arizona the first state to set up a cryptocurrency reserve, and it could have even outpaced the U.S. Treasury Department in doing so.

Read more: As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray