Republican presidential nominee former President Donald Trump speaks at a campaign rally in Bozeman. 09.08.2024. Texas, USA.
Editorial credit: Sir. David / Shutterstock.com

The operator of Donald Trump’s Truth Social social media network is making the leap into financial services, with crypto a particular area of interest for the planned venture.

Trump Media and Technology Group (TMTG) detailed that Truth.Fi will be a financial services and fintech company with one of its operational focal points being cryptocurrency, specifically Bitcoin but also ‘similar cryptocurrencies’ and crypto services.

Funds allocated to the brand by Truth Social leadership may also be allocated towards ETFs – which could also cover crypto activity due to Bitcoin and Ether ETFs receiving regulatory approval last year – and customised separately managed accounts (SMAs).

Truth Social states that the main reason behind Truth.Fi is a need to diversify the company’s cash and cash-equivalent reserves of over $700m as of 31 December 2024. A total of $250m has been allocated to support Truth.Fi’s launch, custodied by American investor Charles Schwab, alongside traditional investment vehicles.

“We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies,” said TMTG CEO and Chairman, Devin Nunes.

“Truth.Fi is a natural expansion of the Truth Social movement. 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.

“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.”

Trump and tech

Given Donald Trump’s business background and his publicly expressed enthusiasm for cryptocurrency, the expansion of one of his key assets into financial services is not too surprising a development.

The fact that Truth.Fi is a venture of his Truth Social platform, a platform strongly connected to his political career and ambitions, is also significant. The announcement comes shortly after the outspoken politician issued his first executive order around cryptocurrency, just a few days after his inauguration.

A long-term proponent of crypto, though an outspoken opponent of Central Bank Digital Currencies (CBDCs), Trump has tasked a cross-agency working group with evaluating how best to support stablecoins and the feasibility of a US crypto stockpile – though the use of the word stockpile and not reserve has received a mixed reception from the sector.

A clear statement of his interest in fintech also comes at a significant moment in the tech race between the US and China. The latter was able to land a big shot on its Western counterpart with the launch of the low-cost DeepSeek-R1, and Trump later stated that American tech firms need to rise to the challenge.

Regarding TMTG’s own activity, the firm has clarified that its SMAs will be developed in partnership with key investor Schwab, who is also advising the firm. An affiliate of the Yorkville Advisors financial advisory firm will also serve as Registered Investment Adviser with a focus on American growth, manufacturing, energy and the ‘Patriot Economy’.

TMTG expects rollout of Truth.Fi this year after funding levels are determined and any necessary agreements are secured. This rollout will encompass its full range of products and services, including investment vehicles.