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Donald Trump’s media company, Trump Media & Technology Group, is exploring a cryptocurrency payment service. The filing, submitted on Monday, outlines plans for a platform called TruthFi, which would offer crypto payments, financial custody services, and trading in digital assets.

Details about the project remain sparse, and its stage of development is unclear. However, the move appears to signal Trump Media's effort to diversify its revenue streams beyond its social media platform, Truth Social. The platform heavily relies on the active engagement of Mr. Trump’s supporters.

According to the New York Times report, Trump Media might consider acquiring another firm to execute such a large-scale crypto initiative, given its limited workforce of fewer than three dozen employees. 

Josh Gerben, a Washington-based trademark lawyer, told The New York Times that the filing suggests serious consideration of the initiative, as companies typically reserve names with the intent to pursue related projects.

Trump Media, valued at approximately $6.5 billion, reported just over $1 million in advertising revenue for the third quarter of 2024. With Truth Social facing challenges in gaining new users and advertisers, the company appears to be seeking new ventures to boost its financial outlook.

Mr. Trump, the majority shareholder in Trump Media with a 53% stake valued at $3.4 billion, has shifted his stance on cryptocurrency. Once a skeptic, he publicly embraced digital assets during his presidential campaign, promising regulatory reforms that could favor the industry.