DJT Stock Jumps. Trump Media Moving Into Financial Services, Including Bitcoin. — Barrons.com

By Emily DattiloTrump Media & Technology Group announced Wednesday that its board approved a financial services and financial technology strategy, which will include the launch of a brand called Truth.Fi.Shares of the company, which is majority owned by President Donald Trump and trades under ticker symbol "DJT," gained 8.6% to $32.64 on Wednesday."To diversify the company's cash and cash-equivalent reserves of over $700 million as of December 31, 2024, the board has approved the investment of up to $250 million to be custodied by Charles Schwab," Trump Media said in a press release.The funds may be allocated to traditional investment vehicles, customized separately managed accounts, customized exchange-traded funds, Bitcoin and similar cryptocurrencies.DJT anticipates that Truth.Fi products and services will be rolled out this year as new agreements are made, funding levels are determined, and any necessary approvals by financial regulators are secured."Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations," said Trump Media CEO Devin Nunes in a statement.Write to Emily Dattilo at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.