Trump Media announces expansion into financial services

Trump Media (DJT) and Technology is announcing that the company’s board of directors has approved a financial services and financial technology strategy, which will include the launch of the financial services and FinTech brand Truth.Fi. “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 to be custodied by Charles Schwab (SCHW). In addition to traditional investment vehicles, these funds may be allocated to: Customized separately managed accounts; Customized exchange-traded funds; Bitcoin and similar cryptocurrencies or crypto-related securities. The SMAs will be developed in partnership with Charles Schwab, which would also broadly advise on TMTG’s Truth.Fi investments and strategy. An affiliate of Yorkville Advisors would serve as the Registered Investment Adviser for investment vehicles and financial products, which are expected to focus on investments in American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy,” the company stated. The company anticipates that Truth.Fi products and services, including multiple investment vehicles, will be rolled out in 2025 as new agreements are consummated, funding levels are determined, and any necessary approvals by financial regulators are secured, Trump Media noted.