Donald Trump's social media company has launched a financial services and fintech brand, dubbed Truth.FI, for a push into crypto and customised exchange-traded funds.
Shares in Trump Media and Technology Group (TMTG), which owns Trump's Truth Social platform, rose by more than 10% in early trading on the news.
TMTG says the new fintech brand will have up to $250 million kept in custody by Charles Schwab and allocated to separately managed accounts, customised ETFs and "bitcoin and similar cryptocurrencies or crypto-related securities".
Says TMTG CEO 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."
Truth.FI plans to launch products and services, including its own investment vehicles, later this year.
Trump's embrace of crypto saw bitcoin's valuation top the $100,000 mark after his election. Ahead of his inauguration, the president launched his own meme coin and has since issued an executive order that, among other things, demanded an investigation into the creation of a national digital asset stockpile.