Trump Media and Technology Group (TMTG), which owns Truth Social, saw its stocks pop by more than 7% on Wednesday after revealing plans to unveil financial services and FinTech brand Truth.Fi.
The company’s board has also sanctioned an investment of up to $250 million via Charles Schwab to diversify cash, valued at over $700 million at the end of last year.
Expanding into Finance and Cryptocurrency:
The Florida-based firm plans to allocate these funds into exchange-traded funds (ETFs), separately managed accounts (SMAs), Bitcoin, and other cryptocurrencies. The SMAs will be developed in partnership with Charles Schwab, which will offer strategic advice on TMTG’s investment strategy.
This move comes after Donald Trump’s return to the White House in November, alongside the election of several pro-crypto lawmakers. The political shift has added to the uptrend in the prices of Bitcoin and other cryptocurrencies. During the campaign, Trump expressed strong support for digital assets, promising to make the U.S. the “crypto capital of the planet.”
Truth.Fi Launching in 2025:
TMTG stated that, Truth.Fi’s financial products and services will be introduced in 2025, pending regulatory approvals and final investment decisions.
In addition to its financial expansion, Trump Media has entered the streaming industry with Truth+ Streaming, which launched last year.
Despite its ambitious growth strategy, the company reported a $19 million loss in Q3 2023, primarily due to legal expenses and costs related to its TV streaming venture.
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