Trump Media is exploring creating a cryptocurrency payment platform called TruthFi, according to a trademark filing.
The Trump Media & Technology Group (TMTG) has been working to expand from its current core product, the conservative social media platform Truth Social. In previous SEC filings, the company has stated it intends to build a diverse set of digital businesses. So far, it has expanded into streaming and is working on building its own tech infrastructure. Now it appears a cryptocurrency payment system could be the latest addition to its budding roster of ventures.
In the trademark application filed on Nov. 18, TMTG outlined plans to create “downloadable computer software” that serves as a “digital wallet,” likely referring to an app that can be used to store and trade cryptocurrencies. The application also details plans to serve as a payments processing platform for purchases made with cryptocurrencies.
The service could also include some type of market intelligence service. Among the uses for the trademark is the “analyzing and compiling [of] data for measuring the performance of financial markets,” according to the application.
So far, Trump Media’s existing business—Truth Social—has delivered few financial results for the company. Through the third quarter of 2024, Trump Media made only about $2.6 million in revenue on losses of $363 million. However, the company does have a cash pile of $372 million as well as shares, which could be used to fund its expansion.
Some of that growth could come from acquisitions. Earlier this week, the Financial Times reported TMTG was in talks to acquire the digital currency platform Bakkt in an all-stock deal. Originally launched with great fanfare in 2018, Bakkt had sought to legitimize trading in cryptocurrencies by offering them to institutional investors. But the company has struggled since then. In February, Bakkt issued a “going concern” notice and reported it was at risk of being delisted from the New York Stock Exchange. Bakkt is owned by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
Bakkt also has ties to Republican politics. Its former CEO was Georgia Senator Kelly Loeffler. Her husband, Jeffrey Sprecher, is the CEO of ICE.
TMTG did not respond to a request for comment.
President-elect Donald Trump, the largest shareholder of TMTG with about 53% of the company, has become increasingly involved in the crypto industry. Earlier this year during the presidential campaign, he announced the launch of crypto token World Liberty Financial alongside his son Donald Trump Jr, who is on the board of TMTG.
Trump warmed up to crypto recently after previously calling Bitcoin a “scam.” He attributed his change of heart in part to his youngest son Barron Trump, who is a college student at NYU. During an X Spaces event announcing the launch of World Liberty Financial, Trump mentioned that his youngest son would regularly show him his various crypto wallets and the currencies he held in them.
