DJT stock jumps 10% on new fintech Truth.Fi as Trump looks to deliver for crypto and Bitcoin supporters

Trump Media (NASDAQ: DJT) stock jumped more than 10% in morning trading on Wednesday on news it was expanding into financial services, launching Truth.Fi, which will include Bitcoin and other cryptocurrencies, exchange-traded funds (ETFs), and separately managed accounts, among other traditional investment vehicles.

Brokerage firm Charles Schwab will manage the funds, which are launching with an initial investment of up to $250 million. Charles Schwab told Fast Company as a matter of policy, it “[does] not comment on any current or former client activities.”

Trump Media and Technology Group Corp. (TMTG) is the parent company of the social media platform Truth Social and the video streaming platform Truth+, which President Donald Trump holds a majority stake in. The company anticipates that Truth.Fi products and services, including multiple investment vehicles, will be rolled out in 2025.

“Truth.Fi is a natural expansion of the Truth Social movement,” CEO and Chairman Devin Nunes said in a statement. “We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance.”

“Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations,” Nunes added.

The news comes on the heels of President Trump’s multi-billion dollar meme coin, which debuted shortly before he was sworn in for his second term; a new executive order promoting crypto; and the election of several “pro-crypto” lawmakers to Congress—all of which have fueled a surge in the price of crypto, specifically of Bitcoin, as well as concerns about the president’s conflicts of interest as he pursues his own personal business interests while in office.

Meanwhile, Trump Media’s streaming platform Truth+ reported a $19 million loss in the third quarter due to legal fees and costs tied to that streaming deal, according to Reuters.

On Tuesday, Trump advisor and ally Elon Musk announced his social media platform X would be moving into financial services, partnering with Visa on a digital wallet and peer-to-peer payment service that would enable users to move funds between their bank accounts and a digital wallet in real time, similar to Venmo or Zelle.