Trump Media expands into financial services with Truth.Fi

Trump Media and Technology Group (TMTG), the media conglomerate partially owned by U.S. President Donald Trump, is expanding into financial services and cryptocurrency with the launch of Truth.Fi.

The new platform will provide separately managed accounts in collaboration with Charles Schwab, along with customized exchange-traded funds (ETFs) and cryptocurrency services. TMTG CEO and White House official Devin Nunes described Truth.Fi as a safeguard against financial censorship, framing it as an alternative to mainstream financial platforms. Nunes, who also chairs the President’s Intelligence Advisory Board, highlighted the platform’s role in promoting financial access.

The move follows months of speculation about TMTG’s expansion into digital assets under the Trump administration.

In September 2024, President Trump introduced World Liberty Financial, a decentralized finance (DeFi) platform. The project has since amassed over $394 million in cryptocurrencies, including more than 62,000 Ether (ETH), 646 Wrapped Bitcoin (WBTC), and 19,000 Lido Staked Ether (stETH), according to Arkham Intelligence. On January 20, Trump’s inauguration day, the platform acquired over $100 million in additional digital assets, increasing its ETH and WBTC holdings.

World Liberty Financial also secured Ethereum Name Service (ENS) domains such as barrontrump.eth, erictrump.eth, trumpcoin.eth, and worldliberty.eth, fueling speculation about the family’s long-term involvement in the crypto space. Ethereum co-founder Joe Lubin suggested that these transactions indicate business expansion on the Ethereum network, though no official announcements have been made.

Meanwhile, TMTG is reportedly in advanced discussions to acquire crypto trading platform Bakkt, according to the Financial Times.

The all-stock deal would absorb Bakkt, currently valued at just over $150 million, into TMTG, which boasts a $6 billion equity valuation largely driven by retail investor enthusiasm following Donald Trump’s re-election.

Bakkt was established by Intercontinental Exchange (owner of the NYSE) to enable Starbucks customers to purchase coffee with Bitcoin. Over time, it shifted its focus to crypto custody and trading services but has faced financial struggles, including an announcement in February that it lacked funds to operate for another 12 months.