On Thursday, the Trump Media and Technology Group (TMTG), helmed by President Donald Trump, introduced its latest venture: a Bitcoin exchange-traded fund (ETF).
TMTG is gearing up to expand its financial services suite under the new Truth.Fi brand, as per their official statement. They’ve filed for trademarks covering a range of upcoming financial offerings.
Truth.Fi will roll out an array of services, notably tailored Bitcoin ETFs and separately managed accounts (SMAs), marking a significant move in the company’s strategy. This initiative aims to weave financial services into their existing platforms such as Truth Social and Truth+, which cater to social media and video content streaming.
In supporting this ambitious plan, Trump Media is set to channel up to $250 million, held by Charles Schwab, into the development of the new SMAs. This partnership underscores TMTG’s dedication to constructing a strong financial backbone.
Devin Nunes, CEO and Chairman of TMTG, outlined the company’s future with a clear scope: “Our goal is to provide investors with opportunities in American energy and manufacturing sectors, offering a competitive stance against the prevalent woke funds and the debanking issues in today’s market.”
Nunes also pointed out that exploring strategies tied to Bitcoin ETFs is crucial for setting their products apart, aiming to attract investors who support “America First” ideals.
Mark Angelo, President of Yorkville Advisors, voiced his excitement about this collaboration stating, “Yorkville is thrilled to advance with TMTG in developing America First investment vehicles.”
The image above, taken from TradingView.com, depicts a 1D chart of BTC showing a drop below the $100,000 mark. Currently, Bitcoin is valued at $97,360, experiencing an approximate 8% loss over the past week.
The featured image is courtesy of CNBC, with chart insights from TradingView.com.
