Trump Media and Technology Group (TMTG) (DJT.O) announced Wednesday that its board has approved the launch of Truth.Fi, a financial services and fintech brand, sending the company’s shares soaring over 11% in early trading.
As part of its expansion strategy, TMTG has authorized an investment of up to $250 million through Charles Schwab to diversify its cash holdings, which surpassed $700 million at the end of last year. The company intends to allocate funds across various investment vehicles, including exchange-traded funds (ETFs), separately managed
accounts (SMAs), Bitcoin, and other cryptocurrencies.
The SMAs will be developed in collaboration with Charles Schwab, which will provide strategic advice on TMTG’s Truth.Fi investments. The fintech products and services are expected to roll out in 2025, pending regulatory approvals.
The move into finance comes after Donald Trump’s election to the White House in November, alongside several pro-crypto lawmakers in Congress. During his campaign, Trump pledged to make the U.S. the “crypto capital of the planet,” spurring a surge in Bitcoin and other digital asset prices.
TMTG’s latest venture follows its expansion into streaming with the launch of Truth+ Streaming last year. However, the company reported a $19 million loss in Q3 2024, citing legal fees and costs tied to its TV streaming deal.
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