Trump Media, the company that runs Donald Trump's social media platform Truth Social, is expanding into financial services that include fintech and crypto. 

On Wednesday, the publicly traded company announced Truth.Fi, which will cater to “American patriots." It expects to offer financial products and services, including its own investment vehicles, later this year. 

Trump Media plans to put up to $250 million in the venture, with brokerage firm Charles Schwab keeping custody of the funds. Samantha Schwab, a granddaughter of the firm's founder, recently became deputy chief of staff at the U.S. Department of the Treasury, CNBC reported.

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Truth.Fi's funds could be allocated to separately managed accounts, customized exchange-traded funds, bitcoin and other cryptocurrency, according to a news release. Its products would focus on “American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy,” according to the release.

Shares of Trump Media jumped 6.8% following the announcement, CNBC reported. Trump, who owns over 50% of the company, moved his $4 billion in shares in December to a revocable trust controlled by his son Donald Trump Jr. 

Trump Media also has a web streaming service, Truth , that started last October. Truth Social, created in 2021 after Trump was banned from Twitter, has 6.3 million active........

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