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Trump Media & Technology Group (DJT0.00%) (DJT) shares surged over 7% Wednesday morning after announcing plans to expand into financial services, including potential investments in Bitcoin and other cryptocurrencies.
The company, majority-owned by President Donald Trump, unveiled a new fintech brand, Truth.Fi, which will launch with up to $250 million. These funds, custodied with brokerage firm Charles Schwab (SCHW0.00%), will be allocated across customized exchange-traded funds, cryptocurrencies, and other investment vehicles.
“Truth.Fi is a natural expansion of the Truth Social movement,” said TMTG CEO and Chairman Devin Nunes.
“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.”
The company expects Truth.Fi’s products and services, including various investment vehicles, to roll out this year as new agreements are finalized.
This marks yet another foray into the crypto space for Trump. Earlier this month — just days before his inauguration as the 47th president of the United States — he launched a new cryptocurrency token, $TRUMP, which quickly became volatile. Last year, during his election campaign, Trump and his sons introduced a crypto project called World Liberty Financial, which collapsed on its first day.