Trump Media, the parent of Truth Social, said in a press release that its board approved an investment of up to $250 million to be custodied by Charles Schwab.

The operator of the social media platform Truth Social and video-streaming platform will add financial services and FinTech brand Truth.Fi to its portfolio

Truth Social parent Trump Media and Technology Group said on Wednesday its board of directors has approved the launch of a financial services and FinTech brand Truth.Fi, sending shares of the firm up over 11% in early trading.

Truth Social owner Trump Media & Technology Group announced Wednesday it plans to expand into financial services and potentially buy bitcoin and other cryptocurrencies.

The board approves a financial services and financial technology strategy, which includes the launch of a brand called Truth.Fi.

Trump Media and Technology Group announced Wednesday that it is expanding into financial services, including investment vehicles. Shares of the Truth Social parent company, which trade under the ticker DJT,