Market
Trump Media Group Expands into Crypto with Truth.Fi
Trump Media and Technology Group is launching a fintech brand called Truth.Fi, which will invest up to $250 million in crypto, ETFs, and other financial products.
Trump Media Group currently operates the social media platform Truth Social, which was launched in 2021 after Donald Trump was banned from Twitter and other popular platforms.
Trump Continues to Venture into Crypto
According to the latest press release, Trump Media’s new fintech venture will invest in Bitcoin, other cryptocurrencies, and crypto-related securities. The firm will also invest in ETFs, but it may not be limited to crypto ETFs.
As of December 2024, the company has over $700 million in its reserves, and the board has approved up to $250 million to be invested through Truth.Fi.
It’s highly likely that the company’s investments will directly impact the crypto market one way or another. In the current state, the market is showing a significant reaction to Trump-related proceedings.
“Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platfor,m and now we’re moving into investment products and decentralized finance (DeFi). Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem,” said Devin Nunes, CEO and Chairman of Trump Media and Technology Group.
Trump Media Group filed a trademark for Truth.Fi back in November, just weeks after Donald Trump secured his election victory. Rumors suggested that Truth.Fi would offer crypto payments and custody services.
However, as of now, the fintech brand will start with just investments. There were also rumors about the Trump Media Group acquiring Bakkt, the popular crypto custody and onramp solution. These rumors are yet to materialize.
Overall, the US President’s affiliated ventures have been actively expanding into crypto. The president currently has the TRUMP meme coin, which continues to cause significant shakeups in the crypto market.
In addition, the Trump family-backed DeFi project World Liberty Financial (WLFI) has been actively expanding its portfolio.
Most recently, WLFI purchased over $2 million worth of MOVE tokens. It caused the modular altcoin to jump nearly 15% yesterday. Currently, WLFI holds over $395 million worth of cryptocurrencies in its portfolio, largely dominated by Ethereum.
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