In an effort to leverage a growing user base and the positive momentum in U.S.-led cryptocurrency and fintech development over the past month, Trump Media & Technology Group Corp. (TMTG) announced, Truth.Fi, its expansion into financial services and fintech. The company will offer a wide range of investment products and services, including customized separately managed accounts (SMAs), customized exchange-traded funds (ETFs), Bitcoin and similar cryptocurrencies or crypto-related securities, pending regulatory approvals.Former House Representative Devin Nunes, TMTG’s CEO and Chairman, announced the launch of Truth.FI … [+] on Wednesday.© 2022 Bloomberg Finance LPDevin Nunes, TMTG’s Chairman and CEO, said, “Truth.Fi is a natural expansion of the Truth Social movement.” The company has launched a social media platform, Truth Social, and announced a web streaming service, Truth+, in October 2024. As of January 2025, Truth Social had 6.3 million active users on its platform.
Funding Trump MediaDonald Trump’s Twitter account was suspended in January 2021. (Photo by Jakub Porzycki/NurPhoto via … [+] Getty Images)NurPhoto via Getty Images
TMTG was incorporated in February 2021 after President Trump was banned from Twitter in the previous month. TMTG’s first property, Truth Social, would launch in February 2022, amidst a flurry of deal-making and financial structuring.
In October 2021, TMTG agreed to a merger with Digital World Acquisition Corporation (DWAC), a special-purpose acquisition company (SPAC) created by Shanghai-based ARC Capital. In December 2021, TMTG and DWAC announced $1 billion in committed capital via private investment in public equity (PIPE) funding to facilitate the merger and subsequent SPAC IPO.
TMTG, owner of Truth Social, successfully launched its IPO in March 2024.© 2024 Bloomberg Finance LPBeset by a number of hurdles, DWAC failed to close the merger and would return $533 million of committed capital to investors in October 2023. However, by March of 2024, investors would subsequently vote for a successful merger that would value TMTG as high as $5.7 billion.
Funding Truth.Fi
TMTG announced it would fund Truth.Fi with $250 million of the company’s $700 million in cash and cash-equivalent assets. Yorkville Advisors, a Mountainside, New Jersey-based investment manager will serve as the Registered Investment Adviser for Truth.Fi’s investment vehicles, which will focus on, “investments in American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy.”
Yorkville Advisors
Founded in 2001, by Mark Angelo, a Rutgers University Economics graduate, Yorkville Advisors has executed transactions worth approximately $4.5 billion in over 700 companies. The firm touts its global experience investing in companies in more than 20 countries with active investments in Healthcare, Metals and Mining, Energy, Technology, and Electric Vehicles (EVs).Lordstown Motors, a de-