- Trump Media is launching Truth.Fi, a financial brand that will allocate US$250M allocated to ETFs, Bitcoin, and other cryptocurrencies.
- The initiative is part of a broader push to build a “parallel economy”, aligning with Trump’s increasing involvement in crypto.
Trump Media & Technology Group Corp. (TMTG), known simply as Trump Media, is set to launch Truth.Fi, a financial services brand that will focus on “America-First” investment principles.
This is the latest effort by a Trump-affiliated business to expand into the financial sector. As per a Bloomberg report, the entity plans to allocate US$250M (AU$400.6M) into exchange-traded funds (ETFs), Bitcoin (BTC), and other cryptocurrencies. The funds are drawn from TMTG’s US$700M (AU$1.12B) in cash reserves.
Related: Bitwise Files S-1 for DOGE ETF as Bitcoin, Ethereum Funds See Massive Outflows
Set to roll out later this year, Truth.Fi will be managed with the guidance of brokerage firm Charles Schwab, which will oversee investment strategies and fund allocation, while an affiliate of Yorkville Advisors will serve as the registered investment adviser.
Trump Media’s CEO Devin Nunes said this new venture is part of a broader effort to build a “parallel economy”. Nunes said in a statement:
Developing America-First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves.
Devin Nunes, Trump Media CEOTrump Media shares surged more than 8% following the announcement, highlighting strong market interest in the company’s latest pivot. Currently, shares are priced US$32.07 (AU$51), a 6.7% increase on the daily scale.
Trump Media’s latest move follows Trump’s increasing involvement in cryptocurrency, particularly his endorsement of memecoins and decentralised finance (DeFi) projects, which have not been well received by Democrats.
They are calling for the US House Committee to hold Trump accountable for “ethic breaches”. And it’s not a stretch — many have questioned Trump’s latest statements and approach to crypto and their future impact on crypto regulations.
One thing is sure: memecoins like TRUMP and Melania have changed the crypto game forever.
No matter how mad Trump’s detractors get, even they want a piece of the action. A good example is Mark Cuban, who, after criticising the project, said he plans to launch a memecoin that can help reduce the national debt.
Related: Trump’s World Liberty Financial Buys ETH, Can it Push Price Higher?
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