Trump Media and Technology Group's new financial arm, Truth.fi, has announced plans to launch Bitcoin exchange-traded products (ETFs) and separately managed accounts (SMAs). The company, of which President Donald Trump is the majority shareholder, filed trademark applications for six new investment vehicles, including the Truth.Fi Bitcoin Plus ETF and the Truth.Fi Bitcoin Plus SMA. The ETFs will allow investors to buy shares tracking the price of Bitcoin, while the SMAs will offer greater control over investments for high-net-worth individuals.
Truth.fi also announced a significant investment in Ondo Finance, the second-largest issuer of tokenized Treasuries. On Thursday, a wallet associated with World Liberty Financial, the DeFi platform backed by President Trump and his family, purchased approximately 342,000 ONDO tokens for $470,000 USDC on the CoW Protocol. This investment follows an earlier purchase of $245,000 worth of ONDO tokens two months ago.
The investment coincided with Ondo's announcement of its own layer-1 blockchain designed for tokenized assets. The platform's governance token, ONDO, is currently trading at $1.298, down 3.7% in the last 24 hours.
Truth.fi's foray into Bitcoin ETFs comes as the asset class has gained significant traction in the U.S. since the launch of spot Bitcoin ETFs in January 2024. The ETFs have broken trading volume records and contributed to Bitcoin's price surge, which has reached new all-time highs in recent months.
President Trump has been a vocal supporter of Bitcoin and the cryptocurrency industry. He has pledged to support the industry and appointed crypto-enthusiasts to his cabinet.