Trump’s media company launches Truth.Fi, a fintech with crypto ambitions

U.S. President Donald Trump's ambitions in the world of crypto took another leap on Wednesday as the billionaire politician's media company launched Truth.Fi, a fintech brand that may invest in bitcoin and other cryptocurrencies and crypto-related securities.Trump Media and Technology Group's "board of directors has approved a financial services and financial technology strategy," according to press release. "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."The investment capital will be invested in traditional investment vehicles, separately managed accounts (SMAs), exhange-traded funds (ETFs), "bitcoin and similar cryptocurrencies or crypto-related securities," the company also said. Trump owns over 50% of Trump Media and Technology Group, which operates the social media platform. Truth Social.The company filed a trademark application back in November.Trump positioned himself as a pro-crypto candidate during last year's election. His team has also launched the crypto project World Liberty Financial.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.