In a significant move reflecting its ambitions in the digital finance sector, Trump Media & Technology Group (TMTG) has filed a trademark application for a cryptocurrency payment platform dubbed “TruthFi.” This filing, submitted on November 18, indicates the company’s plans to expand beyond its primary offering, the conservative social media platform Truth Social.
The trademark application outlines TMTG’s intention to develop software that functions as a digital wallet, facilitating the storage and trading of cryptocurrencies. Additionally, it aims to establish a payment processing service for transactions made with digital currencies. The application also suggests potential features for market analysis and financial data compilation, hinting at a comprehensive approach to cryptocurrency transactions and investment services.
This venture comes at a time when TMTG is exploring various avenues for growth, having previously ventured into streaming services and technology infrastructure. However, the company has faced financial challenges, reporting only $2.6 million in revenue against losses of $363 million through the third quarter of 2024. Despite these setbacks, TMTG possesses a cash reserve of $372 million, which could be leveraged for future expansions.
Moreover, TMTG is reportedly in discussions to acquire Bakkt, a cryptocurrency exchange that has struggled since its inception in 2018. This acquisition could provide TMTG with the necessary infrastructure and expertise to launch its cryptocurrency services effectively.
President-elect Donald Trump, who holds approximately 53% of TMTG shares, has shown increasing interest in cryptocurrencies after previously expressing skepticism. His recent endorsements of digital assets and plans for regulatory reforms indicate a strategic pivot towards embracing the burgeoning crypto market.
As TMTG moves forward with its plans for TruthFi, the company aims to position itself within the rapidly evolving landscape of cryptocurrency and digital finance. The approval process for the trademark could take up to 18 months, but this initiative marks a notable step in Trump Media’s efforts to diversify its business portfolio.