Trump Media & Technology Group Expands Into Cryptocurrency and Fintech with Launch of Truth.Fi

Donald Trump’s media company, Trump Media & Technology Group (TMTG), has announced plans to enter the cryptocurrency and financial technology markets under a new brand, Truth.Fi. The news prompted a 15% rise in TMTG’s shares during pre-market trading on Wednesday.

The company stated that Truth.Fi would focus on investment accounts and cryptocurrency services, including Bitcoin and other crypto-related securities. TMTG is committing up to $250 million to fund the initiative, with Charles Schwab managing the assets.

This expansion into the fintech space is expected to raise new concerns about potential conflicts of interest, especially considering Trump’s previous role as president. Last week, Trump faced criticism for launching a meme coin shortly before his inauguration, an event that former government ethics officials called “shameful” due to its timing.

Despite struggling to establish a social network competitive with major players like Meta Platforms’ Facebook and Instagram or Elon Musk’s X, TMTG has raised millions since becoming publicly traded last year. Much of its financial backing has come from its status as a “meme stock,” buoyed by social media attention rather than its performance in the social media market.

In a statement released Wednesday, TMTG, which is majority-owned by Trump, outlined plans to introduce a series of investment vehicles under the Truth.Fi banner in the coming months. Devin Nunes, the company’s CEO, described the move as a “natural expansion” of the Truth Social movement. Nunes further emphasized that Truth.Fi would support “American patriots” in defending themselves against “cancel culture” and “big tech censorship.”

The launch of Truth.Fi signals TMTG’s broader ambitions beyond social media, marking a shift toward the rapidly growing cryptocurrency and fintech sectors. However, as the company moves into these new areas, it is likely to face increased scrutiny regarding both its business practices and its founder’s previous political ties.