- Trump Media files trademark for crypto service “TruthFi” to expand beyond Truth Social.
- Truth Social struggles; new crypto platform aims to diversify Trump Media’s revenue.
- Trump Media in talks to acquire Bakkt, boosting its crypto service infrastructure.
Trump Media & Technology Group, the parent company of Truth Social, has filed a trademark application for a new cryptocurrency payment platform named “TruthFi.” This development marks a step as the company looks to expand its business operations beyond its current social media platform.
On Monday, Trump Media submitted a trademark application for TruthFi, a platform for cryptocurrency payments, financial custody, and digital asset trading.
While the filing did not provide in-depth details about how the service would function or its timeline for launch, the application is a move to reserve the name should the company proceed with the initiative.
Trademark attorney Josh Gerben noted that such filings typically indicate a company having concrete plans, even if those plans are still in the early stages.
Trump Media’s business has primarily relied on Truth Social, the social media platform launched by the company, which has struggled with user growth and ad revenue. The company reported earnings of just over $1 million for the third quarter, entirely from advertising on Truth Social.
With the company’s valuation at $6.5 billion despite its modest revenue, the potential launch of a cryptocurrency service may be seen as a necessary step to diversify and generate new sources of income.
To bolster its crypto ambitions, Trump Media is reportedly in talks to acquire Bakkt, a crypto trading platform that has faced financial struggles. Bakkt’s shares saw a surge following these reports, although both Trump Media and Bakkt have declined to confirm any official discussions.
If the acquisition proceeds, it could provide Trump Media with the infrastructure to launch a competitive crypto service.
Former President Donald Trump was once doubtful about crypto assets but recently changed his view. During his presidential campaign, Trump supported the crypto industry, saying he would choose a Securities and Exchange Commission (SEC) leader who would be less strict on regulating digital assets.
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