On Wednesday, Trump Media & Technology Group (TMTG), the parent company of Truth Social, announced an ambitious move into the financial services and crypto space.
TMTG revealed plans to launch a new fintech brand, Truth.Fi, which will focus on investment products in areas like American growth, manufacturing, energy, and the “Patriot Economy.” The company also shared that its board has approved diversifying its cash holdings into exchange-traded funds (ETFs), Bitcoin, other cryptocurrencies, and crypto-related securities.
“To diversify the Company’s cash and cash-equivalent reserves of over $700 million as of December 31, 2024, the board has approved the investment of up to $250 million to be custodied by Charles Schwab.,” the press release noted.
TMTG plans to invest in a mix of traditional investment vehicles, including ETFs and separately managed accounts (SMAs), alongside Bitcoin, other cryptocurrencies, and related assets. Trump holds more than 50% of TMTG, the parent company of Truth Social.
“We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies,” said Devin Nunes, CEO and Chairman of TMTG.
“Truth.Fi is 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 decentralized finance. Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations.”
TMTG plans to launch Truth.Fi in 2025, once agreements are finalized, funding is secured, and regulatory approvals are in place. This move follows the Trump memecoin’s debut just before the inauguration, which brought billions in on-paper gains to the Trump Organization and its affiliates.
In a much-awaited development that could shake up the digital asset space, a recent filing…
XRP continues to show strength despite recent market volatility. While Bitcoin experienced sharp moves, XRP’s…
In a market where momentum often shifts fast and unpredictably, smart investors are increasingly focused…
Everyday trading isn’t everyone’s cup of tea. Not everyone wants to stare at screens all…
As the crypto market regains its footing, investors are already scanning for the next crypto…
While many have seen tokens like SHIB and PEPE make headlines, a new contender is…
