According to a trademark application filed earlier this week, Donald J. Trump’s media company is exploring the possibility of launching a cryptocurrency payment service. The move signals the president-elect’s growing interest in the crypto industry.
Trump Media files trademark for crypto platform ‘TruthFi’
Trump Media & Technology Group submitted an application on Monday for TruthFi, a service described as a platform offering crypto payments, financial custody services, and digital asset trading.
Details about how the project would function or its current development stage remain scarce. However, the move seems to be part of Trump Media’s efforts to expand its business beyond Truth Social. This social media platform depends on Mr. Trump’s continued engagement with his loyal base of supporters.
Given the company’s small workforce of fewer than 40 employees, a large-scale crypto project would likely require Trump Media to acquire another firm. This week, shares of the crypto trading platform Bakkt spiked following reports from The Financial Times that Trump Media was in talks to purchase the company.
Trump Media declined to comment, and Bakkt, which is currently operating at a loss, issued a statement saying it doesn’t comment on rumors or market speculation. Following the trademark filing, shares of Trump Media rose by about two percent, reaching $30.65.
Trademark attorney Josh Gerben noted that the filing appears to be a way for Trump Media to secure the TruthFi name for future use. Companies can typically reserve a name for several years, but they generally file with the intent to use it, Gerben added.
In my experience, when a company files an application, there’s usually something going on.
Gerben
Trump Media faces revenue struggles, shifts focus to crypto as a key growth strategy
Trump Media is valued at around $6.5 billion, despite reporting just over $1 million in revenue in the third quarter—entirely from advertising on Truth Social. The platform has struggled to attract new users and advertisers, highlighting the need for Trump Media to explore new revenue sources. Although Mr. Trump has no official role in the company, he owns nearly 53 percent of its stock, valued at $3.4 billion, making it his most valuable asset. His son, Donald Jr., serves on the company’s board, which is filled with Trump loyalists.
Once a crypto skeptic, Mr. Trump has since changed his stance, endorsing cryptocurrency during his presidential campaign. He stated that his appointee, who heads the Securities and Exchange Commission, would take a less aggressive approach to crypto regulation than the Biden administration.
In addition, Mr. Trump and his family and other associates launched their own crypto business, World Liberty Financial, earlier this year. The venture could benefit from regulatory changes that industry executives have proposed.
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