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President Donald Trump’s media firm has launched Truth.Fi to expand into financial services and cryptocurrency investments like Bitcoin.
Billionaire entrepreneur and two-time U.S. president Donald Trump has furthered his crypto ambitions by launching Truth.Fi through his media company, Trump Media & Technology Group.
A Jan. 29 press release said Truth.Fi will allocate up to $250 million of the firm’s $700 million cash reserves to diversify its balance sheet, as approved by the board.
According to the statement, the capital will target a swathe of investment options, including “Bitcoin and similar cryptocurrencies or crypto-related securities,” separately managed accounts or SMAs, and exchange-traded funds, AKA ETFs.
TMTG’s foray into financial services followed a trademark application filed last November. Trump’s company was reportedly considering the acquisition of Bakkt, a licensed crypto service provider. The U.S. president has also expressed support for the decentralized finance protocol World Liberty Financial.
Through Trump Media, which operates Truth Social, WLFI, two official Solana-based meme coins, and millions in digital assets, Trump is the first U.S. president to show ties to the cryptocurrency industry.
Crypto advocates believe his involvement could encourage a more favorable regulatory environment for digital asset businesses. Meanwhile, skeptics like Senator Elizabeth Warren have scrutinized Trump’s picks, including Howard Lutnick, over their ties to the crypto industry.