(Reuters) -Truth Social parent Trump Media and Technology Group said on Wednesday its board of directors has approved the launch of a financial services and FinTech brand Truth.Fi, sending shares of the firm up over 15% in premarket trading.

The company board has also authorized an investment of up to $250 million through Charles Schwab as it looks to diversify its cash holdings, which exceeded $700 million at the close of the previous year.

The Sarasota, Florida-based company said it plans to allocate these funds into various investment options, including exchange-traded funds, separately managed accounts, Bitcoin, and other similar cryptocurrencies.