Trump Media enters financial services sector with Truth.Fi, offering ETFs and cryptocurrency

From CNBC: 2025-01-29 09:31:32

Trump Media and Technology Group is entering the financial services sector with Truth.Fi, offering investment vehicles like ETFs and cryptocurrencies. President Trump indirectly owns 114,750,000 shares in the company. The move is aimed at creating American First investment products to protect against censorship and privacy violations by Big Tech and woke corporations.

The financial services division will be funded with up to $250 million and custodied with Charles Schwab. Truth.Fi is expected to launch products later this year focusing on American growth, manufacturing, and energy companies. The move follows complaints from Republicans about banks de-banking conservatives and discrimination based on political affiliations.

Samantha Schwab, granddaughter of Charles Schwab’s founder, recently joined the U.S. Department of the Treasury. Trump’s new financial venture, Truth.Fi, follows the success of the Trump memecoin, which made billions for the Trump Organization. The firm may compete with Elon Musk’s X, which recently announced a partnership with Visa to expand its services beyond social media.

Read more: Trump Media surges after expansion into financial services including crypto and ETFs