President Donald Trump’s media company, Trump Media & Technology Group (DJT-Q), announced a partnership with Crypto.com on Monday to launch exchange-traded funds (ETFs) and related products under its Truth.Fi brand.
Shares of the company, which operates the social media platform Truth Social, experienced a rise of 10.5% after the bell on Monday, but have decreased by 38% over the past three months.
According to a statement, the ETFs, which will be accessible through Crypto.com’s broker-dealer Foris Capital, will encompass digital assets as well as securities with a “Made in America focus” across a variety of industries. The funds are slated for launch later this year and will be available internationally, including the U.S., Europe, and Asia.
Crypto.com will provide the backend technology, custody services, and cryptocurrencies like bitcoin and cronos for the ETFs.
Trump Media introduced its financial services and FinTech brand Truth.Fi in January, amidst a cryptocurrency boom. The board also authorized an investment of up to $250 million through Charles Schwab to diversify its cash holdings, which surpassed $700 million at the end of the previous year.
Trump Media stated it intends to allocate these funds into various investment avenues, including ETFs, separately managed accounts, and cryptocurrencies. In February, Trump Media filed trademarks for six investment products that track bitcoin and the U.S. manufacturing as well as energy sectors. Among these trademarks are the Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi U.S. Energy Independence ETF.
