Trump Media & Technology Group (TMTG) is moving into crypto and ETFs with a new financial services division called Truth.Fi, the company announced on Jan. 29.
Shares of DJT, TMTG’s publicly traded stock, jumped 9% in morning trading after the news. The company is putting $250 million into the venture, with Charles Schwab handling custody.
Donald Trump indirectly holds 114,750,000 shares in the company through a revocable trust. That stake ties him directly to the performance of DJT, which has been volatile since TMTG went public.
Truth.Fi to roll out crypto and patriot-focused ETFs
TMTG says Truth.Fi will launch later this year, but the company has not provided specifics on which funds or tokens will be part of the lineup. In a statement, CEO Devin Nunes said, “We began with a free-speech social media platform, added ultra-fast TV streaming, and now we’re entering decentralized finance.” He added that:
“Truth.Fi is a natural expansion of the Truth Social movement […]. 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.”
The announcement comes at a time when some conservatives along with the crypto industry claim they are being denied banking services.mp Media & Technology Group (TMTG) is moving into crypto and ETFs with a new financial services division called Truth.Fi, the company announced on Jan. 29.
Shares of DJT, TMTG’s publicly traded stock, jumped 9% in morning trading after the news. The company is putting $250 million into the venture, with Charles Schwab handling custody.
Donald Trump indirectly holds 114,750,000 shares in the company through a revocable trust. That stake ties him directly to the performance of DJT, which has been volatile since TMTG went public.
Truth.Fi to roll out crypto and patriot-focused ETFs
TMTG says Truth.Fi will launch later this year, but the company has not provided specifics on which funds or tokens will be part of the lineup. In a statement, CEO Devin Nunes said, “We began with a free-speech social media platform, added ultra-fast TV streaming, and now we’re entering decentralized finance.” He added that:
“Truth.Fi is a natural expansion of the Truth Social movement […]. 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.”
The announcement comes at a time when some conservatives along with the crypto industry claim they are being denied banking services.