Truth.Fi, the fintech subsidiary of Trump Media and Technology Group — the operator of Donald Trump-linked social media platform Truth Social — filed for a Bitcoin exchange-tracked fund (ETF).
According to a recent announcement, Truth.Fi “applied to register trademarks for brand names connected to the launch of its customized exchange-traded funds […] and customized separately managed accounts.” Trump Media and Technology Group CEO and chairman Devin Nunes said:
“We aim to give investors a means to invest in American energy, manufacturing, and other firms that provide a competitive alternative to the woke funds and debanking problems that you find throughout the market. We’re exploring a range of ways to differentiate our products, including strategies related to Bitcoin. We will continue to finetune our intended product suite to develop the optimal mix of offerings for investors who believe in America First principles.”
The firm filed for six trademarks, half being for separately-managed accounts and half for ETFs. The trademarks in question include:
- Truth.Fi Made in America ETF
- Truth.Fi Made in America SMA
- Truth.Fi U.S. Energy Independence ETF
- Truth.Fi U.S. Energy Independence SMA
- Truth.Fi Bitcoin Plus ETF
- Truth.Fi Bitcoin Plus SMA
The details
The news follows Truth.Fi’s launch at the end of January, with the announcement noting that the firm would be focused on cryptocurrencies and exchange-traded funds. Documents filed at the time with the United States Securities and Exchange Commission (SEC) revealed that the firm’s $250 million of funding is potentially being allocated to separately managed accounts, ETFs, and Bitcoin or similar cryptocurrencies or crypto-related securities.
Trump is seemingly diving headfirst into the cryptocurrency industry. After campaigning as the pro-crypto president and promising to create a United States strategic Bitcoin reserve, he also launched his own Trump Official (TRUMP) memecoin.
After blockchain analysts noticing suspicious trading activity surrounding Trump’s memecoin the price never recovered. Earlier this week, TRUMP was trading about 75% lower than its peak reported value.
