Trump-backed Truth.Fi to invest $400m in products including Bitcoin
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The news: Trump Media & Technology Group will launch a new fintech brand, Truth.Fi, to invest into managed accounts, ETFs, Bitcoin and other cryptocurrencies, marking the latest move by a Trump-linked business to expand into finance during his presidency.
The numbers: In a statement, the company said its board had approved the investment of up to USD250 million ($401.40 million)—about one-third of its cash—into exchange-traded funds, separately managed accounts, Bitcoin, and cryptocurrencies through Charles Schwab.
The move sent Trump Media’s stock up over 8%.
The context: The expansion comes as Trump, whose administration oversees financial regulations, remains the sole beneficiary of a revocable trust holding his Trump Media stake.
Ethics experts have warned of conflicts of interest, especially as Trump previously launched meme coins before taking office.
Trump Media, which reported a USD19 million Q3 2024 loss, had also reportedly considered acquiring crypto platform Bakkt Holdings, a crypto platform spun out from the parent company of the New York Stock Exchange.
Truth.Fi products are scheduled to launch in 2025, pending regulatory approvals.
What they said: “We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies,” said TMTG CEO and Chairman Devin Nunes.
“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."
"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.”
Richard Painter, former White House ethics lawyer during the George W Bush administration said: “The president of the United States is getting further and further into the crypto business – while he is invoking executive orders on crypto,” he told CNN.
“We have a president who has asserted so much executive power across the board who is himself investing in assets,” Painter said. “This is a situation that could be quite dangerous for our economy.”
The sources: Trump Media release, Bloomberg, CNN
