Trump Media and Technology Group, operator of the social media platform Truth Social, announced the launch of a financial services and fintech brand called Truth.Fi.
The company's board approved the investment of "up to $250 million," about one-third of its current holdings of about $700 million, and the funds will be managed by Charles Schwab.
Truth.Fi will offer customized separately managed accounts, customized exchange-traded funds, and bitcoin and similar cryptocurrencies or crypto-related securities, according to a
Charles Schwab will develop Truth.FI's customized SMAs and broadly advise on investments and strategy for the fintech brand, the press release said. The Truth.FI brand will be rolled out in 2025 "as new agreements are consummated, funding levels are determined, and any necessary approvals by financial regulators are secured."
Charles Schwab did not respond to a request for comment.
Shares in Trump Media & Technology Group (DJT) rose in response to the news, with individual stock prices increasing from the previous day by
"Truth.Fi is a natural expansion of the Truth Social movement," said TMTG CEO and Chairman Devin Nunes. "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."
The launch of Truth.FI comes on the heels of Trump accusing Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon of
As concerns of such "debanking" efforts are being debated, Federal Reserve Chair
Truth.Fi is the latest endeavor of Donald Trump-affiliated companies to enter the digital asset space. Trump and his family backed the decentralized finance protocol
Donald Trump Jr., the president's eldest son and a board member at Trump Media, sits on the board of
