Trump Media and Technology Group Corp. (DJT) announced a partnership with cryptocurrency exchange Crypto.com on Monday, setting the stage for a series of exchange-traded funds (ETFs).
The non-binding agreement will see the launch of ETFs under TMTG’s fintech subsidiary, Truth.Fi, according to a press release. The proposed ETFs will include a mix of digital assets and securities with a focus on ‘Made in America’ investments. Access to these ETFs will be through Crypto.com’s broker-dealer, Foris Capital US LLC.
Crypto.com, based in Singapore, will handle the back-end technology, custody, and supply of cryptocurrencies for the ETFs. The ETFs are expected to launch later this year and will include a selection of cryptocurrencies, such as Bitcoin (BTC/USD) and Crypto.com’s native cryptocurrency, Cronos (CRO/USD), along with others.
This move marks a significant expansion for TMTG, which is growing its financial offerings beyond its Truth Social social media platform and Truth+ video streaming platform. Last month, the company revealed that it was developing three ETFs: a Truth.Fi Bitcoin Plus ETF, a Truth.Fi Made in America ETF, and a Truth.Fi Energy Independence ETF. Notably, Trump co-founded and owns a majority stake in TMTG.
The partnership with Crypto.com follows an invitation to Crypto.com CEO Kris Marszalek to attend the inaugural White House Crypto Summit earlier this month. As of this writing, Crypto.com ranked as the sixth-largest cryptocurrency exchange, with a trading volume of almost $2 billion in the previous 24 hours, according to CoinGecko.
In overnight trading, shares of Trump Media surged 9.42% after closing 3.75% higher at $21.01 on Monday, according to Benzinga Pro data. At the time this article was written, the DJT stock had a low value score, a metric measuring an asset’s relative worth by comparing its market price to fundamental measures.
At the time of writing, the CRO token was trading at $0.1008, representing a 24% increase in the last 24 hours, making it the second-biggest cryptocurrency gainer of the day.
