Trump Media and Technology Group, the media company of former President Donald Trump, is gradually making deeper inroads into the digital asset and digital finance field. The recent trademark registration of "TruthFi" marks the group's big ambitions and reflects its strategy to expand into the crypto sector.
TruthFi Brand and Digital Currency Project
On November 18, 2024, TMTG filed a trademark application for "TruthFi" with the United States Patent and Trademark Office. According to the application, this trademark includes essential services related to digital assets, such as crypto wallets, digital asset trading platforms, financial analysis, and asset custody.
Trademark expert Josh Gerben remarked that TMTG is preparing foundational steps for major cryptocurrency projects. However, the timeline for realizing these plans remains uncertain, especially as the company is currently primarily focused on the Truth Social social media platform. The trademark approval process is expected to take 12 to 18 months.
The Bakkt Acquisition Deal and Big Ambitions
In addition to registering "TruthFi", TMTG is reportedly in the final stages of negotiating the acquisition of Bakkt – a cryptocurrency exchange owned by Intercontinental Exchange. If this deal succeeds, it will strengthen TMTG's position in the crypto industry, bringing the group closer to a key role in the digital asset market.
However, not all efforts related to the Trump family's digital finance have been successful. The previously launched DeFi project World Liberty Financial only raised 3.4% of its $300 million target in September. Nevertheless, Trump continues to expand his influence by licensing the use of his image for NFT collections.
Trump's Influence on the Crypto Market
Since Donald Trump won the presidential election, the crypto market has witnessed strong growth. The price of Bitcoin (BTC) first surpassed $99,000 on that day and reached a historic high. This growth is driven by the optimistic sentiment of investors in light of Trump's supportive commitments to cryptocurrency, including accumulating Bitcoin and ending the previous administration's stringent industry measures.
Additionally, Trump has called for the firing of SEC Chairman Gary Gensler, who has imposed strict regulations on the crypto industry. On November 21, Gensler confirmed his plan to resign on January 20, 2025, coinciding with the time Trump is expected to take office.
TMTG Stocks "Take Off"
TMTG's stock, trading under the ticker DJT, rose 4% in yesterday's trading session due to a series of positive news. Since the beginning of the year, the DJT stock price has increased by 78%, elevating the group's market capitalization to nearly $7 billion.
With a series of bold moves, TMTG not only asserts its position in the media field but also lays the groundwork to become a new force in the digital finance sector.
