The application for the TruthFi trademark indicates a diversification of TMTG’s business operations, even though Truth Social has been its focal point.
In anticipation of the development of a digital currency payment service, the organization that manages the social media platform Truth Social has submitted an application to trademark the term “TruthFi.”
U.S. President-elect Donald Trump, who pledged to encourage the adoption of cryptocurrency during his presidential campaign, is the primary owner of Trump Media and Technology Group (TMTG).
According to a recent report in the New York Times, TMTG intends to establish a digital wallet and cryptocurrency service while its trademark application is pending approval. The company is reportedly in the process of creating a platform called TruthFi, which is referred to as “downloadable computer software” and is intended to function as a digital wallet. This information was disclosed in the November 18 filing.
The application documents contain minimal information regarding the project’s functionality and its anticipated launch date. Nevertheless, the filing specifies services such as financial asset administration, digital asset trading, card payment processing, and crypto payments.
TMTG may be considering the possibility of broadening its operations beyond Truth Social, a social media network that has been thriving on Trump’s connections with his supporters. A September Washington Post article has prompted rumors that the entity is experiencing financial difficulties. The entity is currently endeavoring to dispel these rumors.
The company disclosed in August that it had experienced a loss of over $16 million in the second quarter of 2024 and had generated less than $1 million in revenue.
Initially, President-elect Trump, the majority shareholder of Truth Social, was unable to sell his 114 million shares as a result of a lockdown arrangement that was implemented when TMTG went public in March of this year through a merger.
Trump announced on the social media platform that he would not be selling any shares and urged the appropriate authorities to investigate those who were disseminating the allegations, despite the fact that the lockup period had expired in late September.
Shares of Trump Media increased by nearly 2% to $30.65 in response to the trademark filing, resulting in a current market value of $6.5 billion for the company.
In other regions, the demand for token sales associated with World Liberty Financial (WLF), an additional crypto initiative under Trump’s leadership, remains low. Reportedly, the token, WLFI, has sold a meager 1.35 billion tokens, or 2% of its initial goal, falling approximately 32% behind its revised target sales.
Despite the WLF development team’s commitment to sell approximately 63 billion tokens to the public, their performance was inadequate, necessitating a reduction in the target to 35 billion.
Later, the team further reduced the target to 20 billion. The project’s most recent filing with the Securities and Exchange Commission (SEC) indicates that the number was further reduced to just 2 billion.
Data from a Dune Analytics dashboard indicates that only five addresses account for nearly 25% of the total token sales, indicating that demand for WLFI has been sluggish since the launch day.
In spite of Trump’s victory in the November election, the value of WLFI tokens sold has only reached $5.74 million.
This could be a cause for concern for investors, as the victory has had a favorable effect on the broader crypto market, resulting in surging surges that have culminated in new all-time highs for several cryptocurrencies, such as Bitcoin and Solana.
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