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Trump Media Starts New Fintech Platform Truth.Fi Focusing on Crypto, ETFs
Truth.Fi is the latest endeavor of Donald Trump-affiliated companies into the digital asset space after World Liberty Financial and launching an "official" memecoin.
Jan 29, 2025, 2:56 p.m.
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What to know:
- Trump Media, the company behind Trump-backed Truth Social, is launching a financial services platform Truth.Fi.
- The platform will focus on cryptocurrencies and customized exchange-traded funds.
- DJT shares opened the Wednesday session 10% higher on the news.
Trump Media and Technology Group (DJT), the company that operates the social media site Truth Social, announced Wednesday it is launching a financial services platform focusing on crypto and customized exchange-traded funds.
The company's board approved an investment of up to $250 million at major asset manager Charles Schwab (SCHW). The funds may be allocated to customized separately managed accounts (SMAs), customized exchange-traded funds (ETFs) and bitcoin and similar cryptocurrencies or crypto-related securities, according to a filing to the Securities and Exchange Commission.
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Charles Schwab will also broadly advise on Truth.Fi's investments and strategy, according to the press release.
“Truth.Fi is a natural expansion of the Truth Social movement," Trump Media CEO and Chairman Devin Nunes said in a statement. "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 decentralized finance.
DJT shares are higher by 10.4% on Wednesday following the news..
Truth.Fi is the latest endeavor of Donald Trump-affiliated companies into the digital asset space. Trump and his family backed the decentralized finance (DeFi) protocol World Liberty Financial. Trump also launched an "official" memecoin on Solana a few days prior to his Jan. 20 inauguration, igniting a speculative frenzy among crypto traders and irking several crypto industry figures.
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