Trump Media & Technology Group Forges Partnership with Crypto Trading Platform
In a significant move to diversify its business and create a more stable revenue stream, Trump Media & Technology Group, the parent company of the social media platform Truth Social, has entered into a binding agreement with Crypto.com, a major digital asset trading platform, and Yorkville America Digital, a newly established Florida-based investment firm. The partnership aims to launch a series of exchange-traded funds (ETFs) by the end of the year.
This strategic development is part of Trump Media’s broader effort to transform into a financial services firm that markets various investment products, including cryptocurrency, to individual investors. The decision comes after Truth Social struggled to attract sufficient advertising revenue.
The collaboration will involve Crypto.com, which boasts over 140 million customers, and Yorkville America Digital, a company associated with the founders of Yorkville Advisors, an investment firm headquartered in Mountainside, New Jersey. The legal firm Davis Polk & Wardwell, a prominent New York-based law firm, will provide advisory services for the development of these investment products.
Devin Nunes, the CEO of Trump Media and a former congressman from California, described the agreement as “a major step forward in diversifying TMTG into financial services and digital assets.” This move aligns with the company’s strategy to expand its revenue streams beyond advertising.
The development comes against the backdrop of former President Trump’s recent criticisms of major law firms for their handling of conservative clients and those with causes he opposes. Notably, Davis Polk & Wardwell has been among the firms targeted by Mr. Trump’s comments over the past month.
