This is not investment advice.
Trump Media and Technology Group (TMTG), the parent company of Truth Social and the Truth Plus streaming service, has inked a non-binding partnership agreement with Crypto.com. The collaboration aims to launch a series of Exchange Traded Funds (ETFs) under TMTG’s Truth.Fi brand.
In January, TMTG’s board authorized the allocation of up to $250 million from its cash reserves, then approximately $700 million, towards establishing Separately Managed Accounts (SMAs) and ETFs under the Truth.Fi banner. Initially, the brand was slated to offer its services in conjunction with Charles Schwab and advisors associated with Yorkville America. The latest agreement now involves Crypto.com, which will work with Yorkville advisors to provide a variety of ETFs via Truth.Fi.
Under the terms of the agreement, Crypto.com will furnish the backend technology, handle custody, and supply the cryptocurrencies for the ETFs. The ETFs are anticipated to include “a unique ETF basket of cryptocurrencies incorporating Bitcoin, Cronos, and other crypto assets.” Crypto.com’s CEO noted that the ETFs will include “the first of its kind basket of tokens including CRO.”
“We are proud to partner with Truth Social (DJT) and Yorkville America, and to support the launch of these new ETFs, including the first of its kind basket of tokens including CRO,” the Crypto.com CEO stated.
The launch of these ETFs is anticipated later this year, pending regulatory approvals, and they will be available internationally. Furthermore, TMTG’s board has approved the creation of a “strategic acquisition fund with select investors” to explore opportunities to partner with, merge with, or acquire other entities within the “America First Economy.”
As of the time of this writing, shares of Trump Media and Technology Group were up 9% in after-hours trading. However, the stock is down approximately 40% year-to-date.
