Trump Media and Technology Group (DJT) — the operator of Donald Trump-linked social media platform Truth Social — just announced the launch of Truth.fi.
Per the announcement, Truth.Fi is financial services platform with cryptocurrencies and exchange-traded funds (ETFs) as its primary focus. Trump Media and Technology Group’s board concurrently approved an investment of $250 million at major asset manager Charles Schwab.
The details
According to a Securities and Exchange Commission (SEC) filing, the invested funds are potentially being allocated to separately managed accounts, ETFs and Bitcoin or similar cryptocuirrencies or crypto-related securities. Charles Schwab will also be advising Truth.Fi’s investments and strategy. Trump Media CEO and Chairman Devin Nunes is quoted in the announcement:
“Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance.
At the time of writing, Trump Media and Technology Group’s shares are trading at $32.52. This is about 8.3% higher than when trading started earlier today.
Trump is increasingly involved in the cryptocurrency space, enough to raise concerns among some circles. As recently reported, Democrat Representative Gerald Connolly called on the United States Committee on Oversight and Government Reform to Investigate United States President Donald Trump’s crypto projects. He wrote in a letter to the committee:
“This Committee must take immediate action to investigate the grave conflicts of interest Donald Trump carries with him to the Office of the President. […] Presidential conflicts of interest are proliferating wildly. […] President Trump’s new crypto venture, World Liberty Financial (WLF), provides one particularly troubling example.”
Furthermore, Trump’s TRUMP memecoin is also shrouded in controversy. Onchain analytics firm Bubblemaps recently investigated a crypto wallet funded with $1 million four hours before the TRUMP memecoin launched, as announced in a Jan. 18 X post. The address appears with high likelihood to have known of the launch in advance.
