Truth Social owner Trump Media expands into finance, may invest in bitcoin

CNN Business

29 Jan

CNN —

Truth Social owner Trump Media & Technology Group announced Wednesday it plans to expand into financial services and potentially buy bitcoin and other cryptocurrencies.

Shares of Trump Media (DJT) spiked 15% in premarket trading on the news.

Trump Media said it plans to launch a fintech brand called Truth.Fi and to introduce investment vehicles. The push into fintech was telegraphed by a trademark application filed in November.

The company said its board of directors has also approved plans to diversify its cash holdings into exchange traded funds (ETFs), bitcoin and other cryptocurrencies and crypto-related securities.

The moves by Trump Media, a company built on President Donald Trump’s brand, is likely to raise further conflict of interest concerns about Trump.

As president, Trump will preside over how the federal government will regulate cryptocurrencies and financial markets broadly.

Trump announced in December he transferred his dominant stake in Trump Media to a revocable trust of which he is the sole beneficiary. Trump’s son, Donald Trump Jr., is the sole trustee of the trust.

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