Trump Media & Technology Group is 57% owned by President Donald Trump. TMTG announced last week it would add a fintech division. Today it shared more information on its new fintech Truth.Fi via press release.
TMTG has applied to register trademarks for brand names connected to the launch of its customized exchange-traded funds ("ETFs") and customized separately managed accounts ("SMAs") beginning this year.
The trademarks comprise the following:
- Truth.Fi Made in America ETF
- Truth.Fi Made in America SMA
- Truth.Fi U.S. Energy Independence ETF
- Truth.Fi U.S. Energy Independence SMA
- Truth.Fi Bitcoin Plus ETF
- Truth.Fi Bitcoin Plus SMA
The investment vehicles will be components of the new Truth.Fi brand covering financial services and financial technology. The launch of Truth.Fi is part of TMTG's financial services and FinTech strategy that includes the investment of up to $250 million to be custodied by Charles Schwab, which will partner with TMTG to develop the SMAs.
Additionally, the company has signed a services agreement and a licensing agreement with an affiliate of Yorkville Advisors ("Yorkville"). Subject to necessary approvals, Yorkville will act as the Registered Investment Advisor for the new financial vehicles, playing a lead role in constructing the products and shepherding them through the regulatory process.
TMTG operates Truth Social, a social media platform established as a safe harbor for free expression...., as well as Truth+, a TV streaming platform focusing on family-friendly live TV channels and on-demand content. TMTG is also launching Truth.Fi, a financial services and FinTech brand incorporating America First investment vehicles.
Trump Media & Technology Group already did business with Yorkville Advisors. TMTG's most recent quarterly report stated:
On July 3, 2024, the Company entered into the Standby Equity Purchase Agreement (“SEPA”) with YA II PN, LTD., a Cayman Islands exempt limited partnership (“Yorkville”). Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $2,500,000.0 of its Common Stock, subject to certain limitations and conditions set forth in the SEPA, from time to time during the term of the SEPA. As consideration for Yorkville’s commitment to purchase shares at the Company’s direction upon the terms and subject to the conditions set forth in the SEPA, on July 3, 2024 the Company agreed to pay YA Global II SPV, LLC, a subsidiary of Yorkville, (i) a structuring fee in the amount of $25.0 and (ii) a commitment fee in the form of 200,000 shares of Common Stock (the “Commitment Shares”). The Company also issued to EF Hutton LLC 125,000 shares of Common Stock as consideration for acting as placement agent (the “Placement Agent Shares”). During the quarter ended September 30, 2024, Yorkville purchased 17,330,365 shares of Common Stock for prices between $14.31 and $36.13 per share, pursuant to the terms of the SEPA. Proceeds of these equity sales under the terms of the SEPA were approximately $339,463.1 for the nine months ended September 30, 2024.
We are seventeen days into Trump II, the digital Caligula, where conflicts of interest are massive and widespread. It's as if they don't exist at all.
