Trump Media and Technology Group (DJT) could be moving into the world of cryptocurrency. The company’s Truth Social, the social media platform owned by President-elect Donald Trump, has filed a trademark application for TruthFi. TruthFi is described as a cryptocurrency payment processing platform. While the application provides limited details, it hints at mutiple appications for TruthFi, including card payment processing, asset management, custody services, and digital asset trading.
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Why Is DJT Exploring Crypto?
This trademark application indicates that TMTG is interested in exploring opportunities beyond social media. If successful, TruthFi could result in Trump Media diversifying its portfolio beyond social media. Additionally, there is speculation of a potential all-stock acquistion of Bakkt (BKT), a cryptocurrency exchange. If finalized, this move would further expand Trump-backed ventures’ foothold in the crypto space.
Interestingly, this initiative is in line with Trump’s broader political stance. He has signaled support for cryptocurrency by promising to ease regulations on digital assets and reportedly incorporating Bitcoin into his financial strategy.
Is DJT Stock a Buy?
None of the Wall Street analysts have covered DJT stock over the past three months. DJT has surged by more than 30% over the past three months.
