Trump Media is considering the development of a cryptocurrency payment platform named TruthFi, as per a trademark filing.
The Trump Media & Technology Group (TMTG) has been focusing on expanding beyond its current primary product, the conservative social media platform Truth Social. In previous SEC filings, the company has expressed its intention to diversify its digital ventures. It has already entered the realm of streaming and is actively working on developing its own technological infrastructure. Now, it seems a cryptocurrency payment system might be the latest addition to its growing list of ventures.
In the trademark filing submitted on November 18, TMTG outlined its plans to create “downloadable computer software” that functions as a “digital wallet,” presumably referring to an application for storing and trading cryptocurrencies. The filing also mentions plans to establish a payments processing platform for transactions made using cryptocurrencies.
The potential service could also include some form of market intelligence provision. The trademark application lists one of the intended uses as “analyzing and compiling data for measuring the performance of financial markets.”
Trump Media’s current business, Truth Social, has not generated significant financial results for the company so far. Up until the third quarter of 2024, Trump Media recorded around $2.6 million in revenue but suffered losses amounting to $363 million. Nonetheless, the company possesses a cash reserve of $372 million and shares that could be utilized for its expansion.
Acquisitions could play a role in this growth strategy. Recent reports from the Financial Times suggest that TMTG is in discussions to acquire the digital currency platform Bakkt through an all-stock transaction. Bakkt, initially launched with considerable hype in 2018, aimed to legitimize cryptocurrency trading for institutional investors but has faced challenges since then. The company issued a “going concern” notice in February and faced the risk of being delisted from the New York Stock Exchange. Bakkt is held by Intercontinental Exchange (ICE), the parent company of the NYSE.
Bakkt also has connections to Republican politics, with its former CEO being Georgia Senator Kelly Loeffler. Her husband, Jeffrey Sprecher, serves as the CEO of ICE.
TMTG did not provide any comments when approached for a response.
President-elect Donald Trump, the largest stakeholder in TMTG with approximately 53% ownership, has shown increased engagement in the crypto sector. Earlier this year, during his presidential campaign, he unveiled the launch of the crypto token World Liberty Financial alongside his son Donald Trump Jr, who sits on the TMTG board.
Trump’s stance on crypto has shifted, as he previously criticized Bitcoin as a “scam.” He attributed his change of perspective partially to his youngest son Barron Trump, a student at NYU. During an event introducing World Liberty Financial, Trump mentioned how his youngest son regularly demonstrated his various crypto wallets and holdings.
