Donald Trump’s social media company has introduced a financial services and fintech brand named Truth.FI, aiming to expand into cryptocurrency and customized exchange-traded funds (ETFs).
Shares of Trump Media and Technology Group (TMTG), which operates the Truth Social platform, saw an increase of over 10% in early trading following the announcement. TMTG has indicated that the new fintech brand will have up to $250 million held in custody by Charles Schwab, designated for separately managed accounts, customized ETFs, and investments in bitcoin, similar cryptocurrencies, or crypto-related securities.
TMTG CEO Devin Nunes remarked, “Truth.FI is a natural expansion of the Truth Social movement. We started with a free-speech social media platform, added a fast TV streaming service, and now we’re venturing into investment products and decentralized finance. Developing American First investment vehicles represents another stride toward our goal of establishing a robust ecosystem that allows American patriots to safeguard themselves against the ongoing threats of cancellation, censorship, debanking, and privacy violations by Big Tech and woke corporations.”
Truth.FI is set to launch its products and services, including its own investment vehicles, later this year. Trump’s advocacy for cryptocurrency previously helped catapult bitcoin’s valuation past the $100,000 mark following his election. Prior to his inauguration, he introduced a meme coin and issued an executive order that included a call for an investigation into creating a national digital asset stockpile.