Newly elected President Donald Trump’s media company is reportedly considering launching a crypto payment service, as evidenced by a recent trademark application filed with the US Patent and Trademark Office.
Exploring new horizons
The application, filed on Mondayrelates to a service called ‘TruthFi’, which aims to be a platform for crypto payments, financial custody services and digital asset trading, showing Trump’s growing involvement in the crypto industry.
While the trademark application lacks specific details about the operation and timeline of the proposed service, it suggests that Trump Media & Technology Group aims to diversify its business interests beyond Truth Social, the social media platform that relies heavily on Trump’s continued engagement with his core supporters.
Given the company’s relatively small size, with fewer than three dozen employees, any significant move into the cryptocurrency space would likely necessitate the acquisition of an established company.
If reported by Bitcoinist earlier this week, Trump Media is also in talks to potentially acquire Bakkt, a crypto trading platform, whose shares have surged following the news. Bakkt has not confirmed these discussions, citing its policy to refrain from commenting on market speculation.
Trump’s shift to crypto and new ventures
Trademark attorney Josh Gerben noted that the filing serves as a strategic move for Trump Media to reserve the TruthFi name if it decides to pursue a cryptocurrency venture.
The lawyer explained that companies usually file a declaration trademark applications with the genuine intention of using the name, indicating that concrete plans may be in the works.
Trump Media is currently valued at around $6.5 billion and reported just over $1 million in revenue in the third quarter, all from advertising on Truth Social. As the platform struggles to attract new users and advertisers, diversifying revenue streams has become essential to the company’s sustainability.
Although Trump has no official role within Trump Media, he owns nearly 53% of the stock, worth approximately $3.4 billion, making it his most important financial asset. His eldest son, Donald Trump Jr., serves on the company’s board of directors, which consists mainly of individuals loyal to the former president.
Historically a skeptic of cryptocurrency, Trump’s stance changed significantly during his presidential campaign, where he began endorsing digital assets. He has indicated that the next leader of the US SEC will take a more lenient approach to crypto regulation, moving away from the strict measures implemented under the Biden administration.
In addition to exploring TruthFi, Trump and his family recently launched their own cryptocurrency venture called World Liberty Financial, positioning themselves to take advantage of potential changes in regulations that industry executives have been calling for.
Featured image from ABC News, chart from TradingView.com