Trump's TMTG Dives into Fintech with $250M Bitcoin Bet

Trump Media & Technology Group (TMTG), the company behind former U.S. President Donald Trump's social media platform Truth Social and streaming service Truth+, has announced the launch of Truth.Fi, a new fintech venture that will allocate up to $250 million to invest in Bitcoin, other cryptocurrencies, and exchange-traded funds (ETFs).

The company, which has over $700 million in cash reserves, will use Charles Schwab as the custodian for these investments. Yorkville Advisors, a firm known for working with small and mid-sized companies, will act as the registered investment adviser (RIA) for Truth.Fi’s financial products.

TMTG CEO and Chairman Devin Nunes framed the move as part of the company's broader goal of offering alternatives to traditional institutions, which TMTG often portrays as politically biased. According to Nunes, Truth.Fi is a logical next step for the company, following the launch of Truth Social as a free-speech alternative to mainstream social platforms and the introduction of Truth+.

TMTG has been hinting at a move into fintech for a while. Back in November 2024, reports surfaced that the company had filed a trademark application for the name "TruthFi," describing it as a payment platform for digital assets. At the time, it was unclear whether this was just a defensive move to protect the brand or a sign of real business plans.

The company hasn't provided a detailed timeline for when Truth.Fi’s products will hit the market, but it says multiple investment vehicles are planned for rollout in 2025. This will depend on finalizing partnerships, securing funding, and clearing regulatory hurdles.

Trump Media stock (DJT) surged following the announcement. Shares rose from $30.04 at market close on Jan. 28 to $35.30 in pre-market trading on Jan. 29, reflecting a 17.51% jump at press time.