Trump put $250 million into a Schwab account to buy some crypto
President Donald Trump’s publicly traded company has accumulated so much cash that it’s throwing $250 million into a Schwab account to buy crypto. Wall Street was so impressed at the headline that the stock rallied $800 million following the morning announcement.
According to a press release from Trump Media, the company is putting $250 million into a Charles Schwab brokerage account to buy various securities. These include “bitcoin and similar cryptocurrencies or crypto-related securities.”
The news also includes a planned launch of a new crypto website — Truth.fi, currently just a domain name — which will be integrated into Trump’s social media app, Truth Social.
The “.fi” top-level domain (TLD) — Finland’s official domain code — is a common convention for many Metamask-enabled websites that allow visitors to trade crypto.
Because Trump and his children have been vocal supporters of such websites and so-called decentralized finance (DeFi) protocols that enable blockchain transactions, the news about Truth Social gaining a DeFi integration seemed to partially explain the exuberant reaction.
A sprinkle of crypto to pump the stock
In this morning’s pre-market session, shares of DJT rallied as high as 17% above Tuesday’s closing print. That imputed an $800 million increase in market capitalization overnight.
The price of DJT is fluctuating intraday amid other market factors but remains substantially higher than yesterday.
Donald Trump and his family have launched various crypto projects, including NFT collections, memecoins, and a DeFi project. Two of the family’s most recent token offerings, TRUMP and MELANIA, are down 62% and 82% from their all-time highs last week.
Read more: Trump gets 75% of World Liberty revenue, but isn’t even an employee
“We’re moving into investment products and decentralized finance,” said Truth Media CEO Devin Nunes. “Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves,” he claimed.
Schwab is a popular brokerage house with over $9 trillion in assets under management. Yorkville Advisors will be the registered investment adviser deciding which assets — bitcoin or otherwise — Trump Media will purchase in its $250 million brokerage account.
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