Trump Media and Technology Group (DJT), the company that operates the social media site Truth Social, announced Wednesday it is launching a financial services platform focusing on crypto and customized exchange-traded funds.
The company’s board approved an investment of up to $250 million at major asset manager Charles Schwab (SCHW). The funds may be allocated to customized separately managed accounts (SMAs), customized exchange-traded funds (ETFs) and bitcoin (BTC) and similar cryptocurrencies or crypto-related securities, according to a filing to the Securities and Exchange Commission.
Charles Schwab will also broadly advise on Truth.Fi’s investments and strategy, according to the press release.
“Truth.Fi is a natural expansion of the Truth Social movement,” Trump Media CEO and Chairman Devin Nunes said in a statement. “We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance.
DJT shares are higher by 10.4% on Wednesday following the news..
Truth.Fi is the latest endeavor of Donald Trump-affiliated companies into the digital asset space. Trump and his family backed the decentralized finance (DeFi) protocol World Liberty Financial. Trump also launched an “official” memecoin on Solana a few days prior to his Jan. 20 inauguration, igniting a speculative frenzy among crypto traders and irking several crypto industry figures.