The media company of the president of the United States, Trump Media & Technology Group (TMTG), has presented ambitious plans to expand to financial services, including cryptocurrency investments.
In addition, TMTG revealed that it can invest up to $ 250 million in several financial instruments, including bitcoin, other cryptocurrencies and values related to cryptography.
In Press statement on January 29, 2025The company said: “To diversify equivalent cash and effective reserves of the company of more than $ 700 million as of December 31, 2024, the Board approved the investment of up to $ 250 million for Charles Schwab.”
“In addition to traditional investment vehicles, these funds can be assigned to: Personalized separate (SMA) accounts; Personalized exchange funds (ETF); Bitcoin and similar cryptocurrencies or values related to cryptography. “
RIP: @Tmtgcorp Throw the truth. Fi, expanding to financial services and Fintech
The company plans to invest up to $ 250 million in investments with an focus on SMA, ETFS and Crypto pic.twitter.com/xupoivthmr
– Cryptosrus (@cryptosr_us) January 29, 2025
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TMTG shares increased by 15%
The announcement sent TMTG Soaring shares in 15% in the market prior to the market.
TMTG, which has the social platform of truth, a network of social networks launched as an alternative of freedom of expression to conventional platforms, revealed its plans to launch Truth.FI, a brand of financial technology aimed at offering products and services of investment.
When commenting on the development, the CEO and president of TMTG, Devin Nunes, he said: “The truth. FI is a natural expansion of the social movement of truth.”
“We start creating a social networks platform for free, we add an ultra fast TV transmission service, and now we are moving to investment products and decentralized finance,” Nunes said. “Developing first investment vehicles of the first investment is another step towards our goal of creating a robust ecosystem through which US patriots can protect themselves from the always present threat from cancellation, censorship, debate and privacy violations committed by large technologies and awakening activities. “
The firm has plans for the truth. FI, with multiple investment products that will be launched throughout 2025.
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Another controversial movement
This is not the first controversial or ethically questionable movement that Trump has achieved in recent days. A few days ago, he Trump launched, a meme coin without utility. As expected, he shot up, ordering more than $ 18 billion in value in a matter of days.
Less than 12 hours before the inauguration, the first incoming lady, Melania Trump, joined the meme coin car, throwing her token, Melania.
The sequence of events in the last few The days have been unprecedented. This marks the first time since the beginning of Bitcoin that an elected president or president of any country has published a token, watches only a meme coin, while in office or on the edge of taking charge.
Trump and Melania meme coins have been market engines, causing manifestations of Solana, Ethereum and Bitcoin.
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The media company of the Trump publication, TMTG, announces the expansion of cryptography with Truth.FI launch appeared first in 99bitcoins.
