Trump's TMTG Dives into Fintech with $250M "America First" Crypto Push

Trump Media and Technology Group (TMTG), the company behind the social media platform Truth Social and the streaming service Truth+, has announced a significant expansion into the financial services and fintech sector with the launch of Truth.Fi. The new venture aims to invest up to $250 million in a range of financial products, including cryptocurrencies and customized exchange-traded funds (ETFs).

TMTG, which is partially owned by former US President Donald Trump, has allocated over $700 million in cash reserves for this expansion. The company's board of directors has approved the investment of up to $250 million, which will be custodied by Charles Schwab and advised by an affiliate of Yorkville Advisors.

Truth.Fi will focus on developing "America First" investment vehicles, targeting growth sectors, energy companies, and the "Patriot Economy." The new platform is expected to launch in 2025, subject to regulatory approvals and final agreements.

TMTG CEO and Chairman Devin Nunes stated, "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 announcement comes as TMTG continues to diversify its offerings, following the launch of Truth Social and Truth+ earlier in 2021. The company's stock, DJT, surged following the news, opening the Wednesday session 10% higher.

Truth.Fi's investment strategy aligns with Trump's previous support for the crypto industry and his campaign promises to slash regulations. The new venture may also attract investors eager for crypto exposure, as traditional Schwab customers do not have the flexibility to buy cryptocurrencies directly.

TMTG's expansion into fintech and crypto follows a broader trend of media and technology companies exploring the digital asset space. As the market continues to evolve, the intersection of politics and cryptocurrency is gaining traction, and the upcoming developments from Truth.Fi will be closely watched by both investors and regulatory authorities.