Key Points:
- Trump Media, the firm behind Truth Social, has initiated the launch of a new financial platform called Truth.Fi.
- This new platform will concentrate on cryptocurrencies and tailor-made exchange-traded funds (ETFs).
- Shares of DJT surged by 10% during the Wednesday trading session following the announcement.
Overview of Truth.Fi
Trump Media and Technology Group (DJT) announced the launch of Truth.Fi, a financial services platform centered on cryptocurrency and tailored ETF products. The company’s board sanctioned a staggering investment of up to $250 million to be deployed at Charles Schwab, a significant player in asset management. These funds are intended for various investments including separately managed accounts, tailored ETFs, and cryptocurrencies like Bitcoin.
Charles Schwab is also set to provide comprehensive advisory services regarding the investments and strategy of Truth.Fi.
“Truth.Fi is a natural expansion of the Truth Social movement,” said Devin Nunes, CEO of Trump Media. “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.”
(“Truth.Fi es una expansión natural del movimiento Truth Social”, dijo Devin Nunes, CEO de Trump Media.)
Following the announcement, shares of DJT experienced a notable increase of 10.4%. Truth.Fi represents the latest initiative by Trump-affiliated companies in the digital asset landscape, continuing their push after their involvement with the decentralized finance protocol World Liberty Financial and introducing an official memecoin shortly before Trump’s inauguration.
