Trump Media Reportedly Eyes Launching ‘TruthFi’ Crypto Payment Service: Retail Turns More Bullish
By Stocktwits Inc | First Published Nov 22, 2024, 7:33 PM ISTA trademark application filed on Monday reportedly described TruthFi as a platform for cryptocurrency payments, financial custody, and digital asset trading.
Shares of Trump Media & Technology Group Corp. ($DJT) rose over 1% in pre-market trading Friday, positioning the stock for a weekly gain of nearly 14%.
The parent company of Truth Social has been in the spotlight following Donald Trump’s 2024 presidential election victory, with new crypto-related developments adding momentum to the stock.
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Trump campaigned on a crypto-friendly platform, vowing to ease regulations, establish a U.S. strategic Bitcoin ($BTC.X) reserve, and support crypto companies against banking restrictions.
Reports this week suggested further alignment with the crypto space: Trump Media is rumored to be acquiring Bakkt, a crypto trading platform, while the New York Times revealed the company’s plans for a crypto payment service called TruthFi.
A trademark application filed on Monday reportedly described TruthFi as a platform for cryptocurrency payments, financial custody, and digital asset trading.
The company’s focus on crypto initiatives appears aimed at diversifying its revenue streams, as Truth Social has struggled to grow its user base and advertising sales despite Trump’s popularity, according to the Times.
The report also comes as Bitcoin has surged this month, thanks to the Trump effect, as is now close to hitting the $100,000 mark.
Retail investors have shown increased interest in DJT, with the stock consistently ranking among the top 10 discussed tickers on Stocktwits this week.
Message volume rose 10% over 24 hours, while its follower count saw similar growth over the past month.
Sentiment on Friday morning was slightly more ‘bullish’ compared to last week, reflecting cautious optimism from retail traders.
Still, Trump Media faces significant challenges. With fewer than 36 employees and third-quarter revenue of just $1 million — entirely from Truth Social ads — the company is under pressure to find sustainable revenue sources.
Since its SPAC merger in March, DJT has lost about 50% of its value and is currently valued at $6.6 billion.
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