Trump Media Expands Into Fintech With Truth.Fi

NAIROBI (CoinChapter.com)—Trump Media and Technology Group (TMTG) has announced the launch of Truth.Fi, a fintech venture aimed at financial services

Trump Media and Technology Group (NYSE:DWAC) is expanding its horizons beyond social media with the launch of Truth.Fi, a fintech venture. The company will allocate up to $250 million from its $700 million cash reserves into customized separately managed accounts (SMAs), exchange-traded funds (ETFs), and Bitcoin (BTC).

Truth.Fi will offer a range of financial services and investment products, including:

Customized SMAs tailored to individual investors’ risk tolerance and financial goals.

A suite of ETFs that track various market indices and sectors, designed to align with Trump Media’s “America First” vision.

A selection of cryptocurrencies, including Bitcoin, to provide investors with exposure to the emerging digital asset class.

To manage these funds, Trump Media has partnered with Charles Schwab (NYSE:SCHW) as its custody provider and financial advisor. An affiliate of leading ETF sponsor Yorkville Advisors will serve as the registered investment adviser, overseeing the new financial products under the Truth.Fi umbrella.

Trump Media CEO Devin Nunes commented on the launch of Truth.Fi, framing the move as a way to offer investment options that align with the company’s “America First” vision.

“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,” said Nunes.

Trump Media pivots to fintech, but not all market players are pleased

Trump Media is also making a calculated entry into crypto with Bitcoin, at a time when mainstream institutions are increasingly engaging with digital assets. However, not all market players welcomed the announcement.

Bakkt (NYSE:BKKT), a crypto trading platform, saw its stock plummet 27% in premarket trading on Friday following Trump Media’s announcement. Investors likely see Truth.Fi’s entry into crypto investments as new competition in an already volatile industry.

As the markets opened, Bakkt shares were trading down sharply, while DWAC rose about 3% in premarket trading. Trump Media stock closed the session up over 11%.

Bakkt shares closed down 26.7% on the session, while DWAC stock rose 8.3%. The broader markets were also down on Friday, with the Dow Jones Industrial Average slipping about 400 points.