Trump Media introduces a new brand of financial technology services during the cryptocurrency surge.

On Wednesday, Trump Media and Technology Group announced that its board of directors has approved the launch of a new financial service under the brand name truth.fi. This revelation has already driven the company’s stock prices up by over 11% at the start of trading.

The board also authorized an investment of up to $250 million through Charles Schwab, aiming to diversify its assets, which reportedly exceeded $700 million by the end of the previous year.

Operating out of Sarasota, Florida, the company plans to allocate these funds across various investment vehicles, including exchange-traded funds, separately managed accounts (SMAs), and cryptocurrencies like Bitcoin.

The timing of Trump Media’s financial venture coincides with the recent presidential election victory of Donald Trump and the election of numerous pro-crypto legislators in Congress, which has contributed to the burgeoning prices of Bitcoin and other digital currencies.

Throughout his campaign, Trump championed digital assets, pledging to position the United States as the “cryptocurrency capital of the world.”

SMAs will be developed in partnership with Charles Schwab, who will provide strategic insights for truth.fi investments and broader financial strategies.

Looking ahead, Truth.fi services are expected to roll out in 2025, contingent on acquiring the necessary financing and regulatory approvals. In addition to their financial services, Trump Media has also ventured into the streaming space, launching Truth Streaming last year. However, the company faced a $19 million loss in the third quarter of the previous year, largely due to legal expenses and costs associated with its streaming agreements.