Trump Media and Technology Group, the operator behind the social media platform Truth Social, announced its entry into the financial services sector with the launch of Truth.Fi, a platform focusing on cryptocurrency and tailored exchange-traded funds (ETFs). This initiative was revealed on Wednesday as part of a strategic move approved by the company's board.

Trump Media plans to invest up to $250 million through a major asset management partnership with Charles Schwab, according to a recent Securities and Exchange Commission filing.

These funds will be directed towards customized separately managed accounts, tailored ETFs, and investments in bitcoin and other cryptocurrencies.

In addition to providing investment capital, Charles Schwab will offer comprehensive advisory services on Truth.Fi's investment strategy. Devin Nunes, Trump Media's CEO and Chairman, remarked, "Truth.Fi is a natural expansion of the Truth Social movement," highlighting the company's progression from social media to decentralized finance products.

Following the announcement, shares of Trump Media surged by 10.4% on Wednesday.

Truth.Fi represents the latest venture by Trump-affiliated companies into the digital asset arena. Previously, Donald Trump and his family supported the decentralized finance protocol World Liberty Financial, and a few days before his inauguration, Trump launched an "official" memecoin TRUMP on Solana, generating considerable attention and debate within the crypto trading community.

But later Mark Cuban, the owner of the Dallas Mavericks and a prominent figure in the tech and business sectors, discussed the idea of launching a TRUMP-like meme coin to support paying down the U.S. national debt, which has surpassed $36 trillion. While expressing criticism toward existing meme tokens like TRUMP and MELANIA, he argued they are detrimental to the cryptocurrency industry.