Trump Media and Technology Group (TMTG), the media company of former President Donald Trump, is gradually stepping deeper into the field of digital assets and digital finance. The recent trademark registration of "TruthFi" marks the company's big ambition and reflects its strategy to expand into the crypto sector.
The TruthFi Trademark and Digital Currency Project
On November 18, 2024, TMTG filed a trademark application for "TruthFi" with the United States Patent and Trademark Office (USPTO). According to the application, this trademark includes important services related to digital assets, such as wallets, digital asset trading platforms, financial analysis, and asset custody.
Trademark expert Josh Gerben stated 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 the "TruthFi" registration, TMTG is reportedly in the final stages of negotiating the acquisition of a cryptocurrency exchange owned by Intercontinental Exchange. If this deal is successful, it will solidify TMTG's position in the crypto industry, bringing the company closer to a key role in the digital asset market.
However, not all efforts related to the Trump family's digital finance initiatives have been successful. The DeFi World Liberty Financial project launched earlier in September raised only 3.4% of its 300 million USD target. Nevertheless, Trump continues to expand his influence by licensing his image for NFT collections.
Trump's Influence on the Crypto Market
Since Donald Trump won the presidential election, the crypto market has recorded strong growth. Bitcoin (BTC) first surpassed the 98,000 USD mark on November 21, reaching an all-time high. This growth is driven by investors' optimistic sentiment over Trump's policy commitments to support cryptocurrency, including Bitcoin accumulation and ending the previous administration's tightening measures in the industry.
Additionally, Trump called for the dismissal of SEC Chairman Gary Gensler, who has implemented 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 Stock "Soars"
TMTG's stock, trading under the DJT ticker, rose 4% in yesterday's trading session thanks to a series of positive news. Since the beginning of the year, DJT shares have increased by 78%, pushing the company's market capitalization to nearly 7 billion USD.
With a series of bold moves, TMTG not only asserts its position in the media field but also lays the foundation to become a new force in the digital finance industry.
