Key Takeaways
- Trump Media filed a trademark application for a crypto service called TruthFi.
- The company, reportedly in talks to acquire Bakkt, signals expansion beyond Truth Social into crypto markets.
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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 submitted the application on Monday, signaling a potential expansion beyond its Truth Social platform.
The company, currently valued at $6.5 billion, generated $1 million in revenue from Truth Social advertising during the third quarter.
Earlier this week, Trump Media was reportedly in talks to acquire Bakkt, a crypto trading platform, prompting a surge in Bakkt’s shares.
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 approximately 53% of Trump Media’s stock, valued at $3.4 billion, making it his most valuable asset. His son, Donald Jr., serves on the company’s board.
Trump, who previously expressed skepticism toward crypto assets, has shifted his stance during the presidential campaign.
He has indicated that his potential SEC appointee would take a less aggressive approach to crypto regulation than the current Biden administration.
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