Trump Media Launches a Fintech Services Brand

Truth Social and its parent company, Trump Media and Technology Group (DJT.O), have announced a strategic expansion by launching a financial services and fintech brand named Truth.Fi. This move, approved by the board of directors, led to the company's stock rising by over 11% at the start of trading, reports NewsBox. 

The board of directors also approved investments of up to $250 million through Charles Schwab to diversify the company’s financial assets, which exceeded $700 million by the end of last year. These funds are planned to be spread across exchange-traded funds, separately managed accounts (SMA), bitcoins, and other cryptocurrencies, according to Reuters.

Trump Media's entry into financial markets coincided with Donald Trump's election to the White House and an increase in the number of lawmakers supporting cryptocurrencies, which contributed to a surge in the prices of Bitcoin and other digital assets. During his election campaign, Trump repeatedly expressed support for digital assets, promising to make the USA the “crypto capital of the world.”

Trump Media continues to develop its streaming business. Last year, the company launched Truth+ Streaming, but reported losses of $19 million in the third quarter due to legal expenses and costs associated with streaming services. Despite these financial challenges, TMTG is actively diversifying its assets, aiming to secure key positions in both the fintech industry and the digital media market.