Trump Media and Technology Group (TMTG), a media conglomerate partially owned by US President Donald Trump, is entering the financial services and crypto investment market through a new company, Truth.Fi.
According to a statement from TMTG, the new fintech company will offer separate investment accounts, exchange-traded funds (ETF), Bitcoin and other cryptocurrencies.
According to CEO Devin Nunes, all of Truth.Fi’s investment products will be aligned with its «American First» strategy, meaning the company will focus on industries that contribute to the so-called patriotic economy.
“The development of American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the constant threat of cancellation, censorship, disbanking, and privacy violations from Big Tech and corporations,” said Nunes, who has also been appointed to a position in the new Trump administration.
TMTG will allocate up to $250 million to Truth.Fi. The media holding has appointed Charles Schwab bank as responsible for investment custody and strategic consulting. Yorkville Advisors will act as a registered investment adviser for financial products.
Following the announcement of Truth.Fi, TMTG shares rose more than 17,5% from $30,04 to $35,3.