Trump Media, the parent company of Truth Social, is diving deeper into the financial world with a bold new move.
The company has teamed up with Crypto.com to launch a series of exchange-traded funds (ETFs) and exchange-traded products (ETPs). These funds won’t just focus on crypto giants like Bitcoin (BTC) and Crypto.com Coin (CRO) – they’ll also include investments in key U.S. industries like energy.
With the launch expected later this year, pending regulatory approval, this partnership signals a major step into the investment space.
Here’s what you need to know.
The ETFs will be offered through Foris Capital, Crypto.com’s broker-dealer. Crypto.com will provide the technology, custody services, and crypto supply for these funds.
This move is the latest in a series of crypto projects backed by Trump and his family. They have previously launched NFT collections, memecoins, and even their own decentralized finance (DeFi) protocol, World Liberty Financial (WLFI).
These funds are expected to be available worldwide, including in the U.S., Europe, and Asia, through established brokerage platforms.
Cronos (CRO), Crypto.com’s native token, jumped over 18% following the announcement, driven by market excitement. In December, CRO hit a yearly high after news broke about a meeting between the Crypto.com CEO and the U.S. President, along with a legal settlement with the SEC. However, the token later dropped 30%.
Today’s news has brought renewed interest in the altcoin, adding fresh liquidity. Meanwhile, shares of Trump Media, which owns Truth Social, rose 10.5% in after-hours trading on Monday.
TMTG CEO Devin Nunes expressed enthusiasm about the partnership with Crypto.com and Yorkville America. He emphasized that these funds aim to support American businesses, innovative technology, and the crypto industry – without political influence.
The company is also launching Truth.Fi Separately Managed Accounts (SMAs) alongside the ETFs. Truth.Fi, Trump Media’s financial services brand introduced in January, aims to take advantage of the growing crypto market. The company plans to invest up to $250 million through Charles Schwab to expand its $700 million-plus portfolio.
In February, Trump Media also filed trademarks for six investment products, focusing on Bitcoin, U.S. manufacturing, and the energy sector.
Whether it’s politics, media, or crypto, one thing’s for sure – Trump-backed ventures always know how to stir the market.
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