U.S. President Donald Trump’s ambitions in the world of crypto took another leap on Wednesday as the billionaire politician’s media company launched Truth.Fi, a fintech brand that may invest in bitcoin and other cryptocurrencies and crypto-related securities. Trump Media and Technology Group’s “board of directors has approved a financial services and financial technology strategy,” according to press release. “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.”
The investment capital will be invested in traditional investment vehicles, separately managed accounts (SMAs), exhange-traded funds (ETFs), “bitcoin and similar cryptocurrencies or crypto-related securities,” the company also said. Trump owns over 50% of Trump Media and Technology Group, which operates the social media platform. Truth Social. The company filed a trademark application back in November. The filing mentioned services for “downloadable computer software for use as a digital wallet.”
Launching Truth.Fi follows Elon Musk’s social media partnering with Visa to help power “X Money,” a digital payments project. While X Money has yet to officially launch, or been mentioned as having aspirations in crypto, both Musk and Trump are both developing fintech ventures while the broader digital assets industry enjoys a bullish market.
Trump and Musk became close during the lead up to the presidential election. Musk now leads the recently-created Department of Government Efficiency (DOGE). Trump positioned himself as a pro-crypto candidate during last year’s election, which included floating the idea of the U.S. creating a strategic bitcoin reserve. He has also backed the launched the crypto project World Liberty Financial, which his team and family have been promoting.
World Liberty Financial, at least at one point, was looking to raise $300 million at a $1.5 billion valuation in an initial sale of tokens. Earlier this month, the project said it had sold 20 billion tokens or 20% of the 100 billion token supply and that it would open up for the sale of an additional 5 billion tokens or 5% of the supply.
