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Jan. 29 (UPI) -- Trump Media says the president's company will expand into various investment products and areas of unregulated "decentralized finance," it announced Wednesday. The company's board of directors approved its launch of a financial service tool and FinTech brand Truth.Fi.
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"Truth.Fi is a natural expansion of the Truth Social movement," Trump Media and Technology Group CEO Devin Nunes said in a release.
It expects to launch later this year once "new agreements are consummated, funding levels are determined and any necessary approvals by financial regulators are secured," according to the company.
Meanwhile, stock shares under the DJT ticker jumped 6% at one point Wednesday, CNBC reported.
The president indirectly owns a majority 114,750,000 shares of Trump Media, the operator of his Truth Social platform, which is held in a revocable trust.
It's to include an investment up to $250 million custodied by brokerage firm Charles Schwab to go toward "traditional investment vehicles," according to the release.
Notably, a granddaughter of the financial giant's namesake founder, Samantha Schwab, recently took the role of deputy chief of staff in the U.S. Treasury Department.
However, while Trump Media did indicate the firm will "broadly advise" its investments and overall strategy, it did not specify what type of investment vehicles Truth.Fi will offer.
But the release states it will focus on "American growth, manufacturing, and energy companies, as well as investments that strengthen the Patriot Economy."
Some of the $250 million, officials added, will be allocated to customized separately managed accounts, otherwise known as SMAs.
"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," Nunes, a former California congressman, added.
In addition, it will invest in bitcoin and "similar cryptocurrencies or crypto-related securities," the company said, and customized exchange-traded funds, or ETFs.
Truth.Fi arrived on the heels of Trump's speculative memecoin launched days prior to the Jan. 20 inauguration.
It resulted in on-paper financial gains to the tune of roughly $27 billion, Axios reported, in a fully diluted market cap for the Trump Organization and its partners.
