Trump Media & Technology Group (DJT), the company behind the social media platform Truth Social, has announced the launch of a new financial services platform, Truth.Fi, focusing on cryptocurrency and exchange-traded funds (ETFs).
Major Investment in Digital Assets
According to a filing with the Securities and Exchange Commission (SEC), the company’s board has approved an investment of up to $250 million in partnership with major asset manager Charles Schwab (SCHW). The funds will be allocated to customised separately managed accounts (SMAs), ETFs, and digital assets such as bitcoin (BTC) and other crypto-related securities.
In addition to facilitating investments, Charles Schwab will also provide broad advisory services on Truth.Fi’s strategy and asset allocation.
Expansion into Decentralised Finance
Devin Nunes, CEO and Chairman of Trump Media, described the launch of Truth.Fi as a “natural expansion” of the Truth Social movement.
“We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralised finance,” Nunes said in a statement.
The announcement sent DJT shares soaring by 10.4% on Wednesday as investors reacted positively to the company’s latest venture.
Trump’s Growing Crypto Presence
Truth.Fi is the latest in a series of cryptocurrency-related initiatives linked to Donald Trump and his affiliated companies. Previously, Trump and his family backed the decentralised finance (DeFi) protocol World Liberty Financial.
Additionally, just days before his 20 January inauguration, Trump launched an “official” memecoin on the Solana blockchain. The move sparked a speculative frenzy among crypto traders and divided opinions within the digital asset industry.
As Trump Media pushes further into fintech and decentralised finance, the launch of Truth.Fi signals the company’s ambition to establish a significant foothold in the evolving crypto and investment landscape.