Trump Media Enters Financial Sector with Truth.Fi Investment Products
Trump Media and Technology Group Corp. (TMTG) is launching investment products under the Truth.Fi brand, expanding from social media into finance. Key developments include:
- TMTG has applied for trademarks related to exchange-traded funds (ETFs) and separately managed accounts (SMAs).
- Products will include the Truth.Fi Made in America ETF, Truth.Fi US Energy Independence ETF, and Truth.Fi Bitcoin Plus ETF.
- A $250 million investment will support the initiative, with Charles Schwab as custodian.
- Yorkville Advisors will assist in product development and regulatory compliance.
CEO Devin Nunes emphasized an aim to provide alternatives to politically influenced financial systems, focusing on American energy and manufacturing. He mentioned exploring innovative strategies, including bitcoin-related investments.
Additionally, Donald Trump's involvement in cryptocurrency is notable:
- He publicly embraced Bitcoin in early 2024 and signed an executive order regarding a digital asset reserve.
- The DeFi protocol World Liberty shifted over 90% of its treasury assets, including ETH and WBTC.
- World Liberty raised $254 million before Trump’s administration, with ongoing discussions about protocol token swaps.
- Trump-branded products now accept official Trump and Melania memecoins for transactions.