- TMTG said its board had approved allocating $250 million from its $700 million cash reserve to diversify its balance sheet
- The funds may be allocated to customised separately managed accounts (SMAs), customised exchange-traded funds (ETFs), Bitcoin and similar cryptocurrencies or crypto-related securities
- The SMAs will be developed in partnership with Charles Schwab, who will also broadly advise on TMTG’s Truth.Fi investments and strategy
A media empire owned by President Donald Trump, Trump Media and Technology Group Corp (TMTG), has launched a financial technology brand called Truth.Fi with which to expand into financial services and crypto investments.
In a press statement released on January 29, 2025, TMTG said its board had approved allocating $250 million from its $700 million cash reserve to diversify its balance sheet.
“To diversify the Company’s cash and cash-equivalent reserves of over $700 million as of December 31, 2024, the board has approved the investment of up to $250 million to be custodied by Charles Schwab,” the statement read.
It explained that in addition to known and traditional investment vehicles, the funds may be allocated to customised separately managed accounts (SMAs), customised exchange-traded funds (ETFs), Bitcoin and similar cryptocurrencies or crypto-related securities.
Accordingly, the SMAs will be developed in partnership with Charles Schwab, who will also broadly advise on TMTG’s Truth.Fi investments and strategy, the statement said. The statement added that an affiliate of Yorkville Advisors (“Yorkville”) would serve as the Registered Investment Adviser for investment vehicles and financial products, which are expected to focus on investments in American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy.
TMTG CEO and Chairman Devin Nunes was quoted as saying, “We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies”.
Nunes further said, “Truth.Fi is a natural expansion of the Truth Social movement. 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.”
How Ledger co-founder David Balland was kidnapped for BTC ransom, released
Meanwhile, TheRadar earlier reported that on January 22, 2025, rumours spread that David Balland, the co-founder of Ledger, a cryptocurrency hardware wallet manufacturer, had been kidnapped for Bitcoin ransom. The rumours caused panic about his safety and those close to him.
The rumour also sparked a flurry of reactions. Journalist Grégory Raymond later wrote around mid-morning New York time that Ledger co-founder Éric Larchevêque said, “Eric is safe. It’s the only thing I can communicate at the moment. I’m in the process of checking the information.”
