Important takeaways
- Trump Media filed a trademark application for a crypto service called TruthFi.
- The company, reportedly in talks to acquire Bakkt, is signaling expansion beyond Truth Social into crypto markets.
Donald J. Trump’s social media company filed a trademark application for TruthFi, a proposed crypto payment service that includes financial custody services and digital asset trading capabilities.
Trump Media & Technology Group filed application on Monday, signaling potential expansion beyond its Truth Social platform.
The company, currently valued at $6.5 billion, generated $1 million in revenue from Truth Social advertising in the third quarter.
Earlier this week, Trump Media is said to have been inside Call to acquire Bakkt, a crypto-trading platform, prompting an increase in Bakkt’s stock.
Trump Media, which employs fewer than three dozen people, would likely need to acquire another company to launch a large-scale crypto project.
Donald Trump owns about 53% of Trump Media’s stock, valued at $3.4 billion, making it his most valuable asset. His son, Donald Jr., is on the company’s board.
Trump, who previously expressed skepticism about crypto assets, has changed his stance during the presidential campaign.
He has indicated that his potential SEC appointees would take a less aggressive approach to crypto regulation than the current Biden administration.
