President Donald Trump’s social media company, Trump Media and Technology Group (TMTG), announced on Thursday that it has initiated a Bitcoin exchange-traded fund (ETF).
Trump Media To Propel Truth.Fi Financial Offerings
The official announcement revealed that TMTG has applied for trademarks associated with its forthcoming financial products, which will be branded under the new Truth.Fi label.
This brand will encompass a range of financial services and technology offerings, including customized Bitcoin exchange-traded funds and separately managed accounts (SMAs).
The launch of Truth.Fi represents a pivotal part of Trump’s media group strategy to integrate financial services with its existing platforms, such as Truth Social and Truth+, which focus on social media and video streaming, respectively.
To support these initiatives, TMTG plans to invest up to $250 million, which will be custodied by Charles Schwab. This partnership is intended to enhance the development of the new SMAs, indicating TMTG’s commitment to establishing a robust financial infrastructure.
America First Investment Vision Amid Bitcoin ETF Plans
Devin Nunes, CEO and Chairman of Trump Media and Technology Group, articulated the company’s vision, stating:
We aim to give investors a means to invest in American energy, manufacturing, and other firms that provide a competitive alternative to the woke funds and debanking problems that you find throughout the market.
Nunes further emphasized the exploration of various strategies, including those related to Bitcoin ETF, to differentiate their product offerings, with the aim to attract investors who align with “America First” principles.
Yorkville Advisors’ President Mark Angelo expressed enthusiasm about the partnership, stating, “Yorkville is pleased to take this next important step with TMTG in its development of America First investment vehicles.”
At the time of writing, BTC is trading at $97,360, recording losses of nearly 8% in the weekly time frame.
Featured image from CNBC, chart from TradingView.com
