Trump Media Starts New Fintech Platform Truth.Fi Focusing on Crypto, ETFs

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 (BTC) and similar cryptocurrencies or crypto-related securities, according to a filing to the Securities and Exchange Commission.

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.