Trump Media & Technology Group Corp ( DJT ) shares are trading higher Wednesday after the company announced an expansion into financial services.

What To Know: Trump Media ( DJT ), the parent company of social media platform Truth Social, announced that its board approved a financial services and financial technology strategy that will include the launch of Truth.Fi.

Trump Media ( DJT ) will invest up to $250 million to be custodied by Charles Schwab. The funds may be allocated to traditional investment vehicles, as well as to customized separately managed accounts, customized exchange-traded funds and Bitcoin (CRYPTO: BTC) and other cryptocurrencies or crypto-related securities.

Charles Schwab is expected to broadly advise Trump Media’s Truth.Fi investments and strategy. An affiliate of Yorkville Advisors is expected to serve as the Registered Investment Adviser for investment vehicles and financial products, which are expected to be focused on investments in American growth, manufacturing and energy companies.

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“Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance,” said Devin Nunes, chairman and CEO of Trump Media ( DJT ).

“Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations.”

Trump Media ( DJT ) said it expects Truth.Fi products and services to be rolled out in 2025.

Investors will be watching for further updates on the company’s Truth.Fi plans when it reports financial results for the fourth quarter in approximately two weeks. In the third quarter, Trump Media ( DJT ) reported a net loss of $19.2 million and revenue of just $1.01 million, which was down 6% year-over-year.

U.S. President Donald Trump owns more than a 50% stake in Trump Media ( DJT ), or roughly 114.5 million shares.

DJT Price Action: Trump Media ( DJT ) shares were up 8.62% at $32.64 at the time of publication Wednesday, per Benzinga Pro.

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