This is not investment advice.
Trump Media and Technology Group (TMTG), the parent company of Truth Social and Truth Plus, has partnered with Crypto.com to launch a series of Exchange Traded Funds (ETFs) under its Truth.Fi brand. This marks the first major development for Truth.Fi, which was initially planned to offer these services in partnership with Charles Schwab and advisors affiliated with Yorkville America.
Back in January, TMTG’s board approved the allocation of up to $250 million from its cash reserves to establish customized Separately Managed Accounts (SMAs) and ETFs under Truth.Fi.
Under the new agreement, Crypto.com will provide several key services:
- Backend technology support
- Custody services
- Supply the cryptocurrencies for the ETFs
The ETFs are expected to include a unique basket of cryptocurrencies incorporating Bitcoin, Cronos, and other crypto assets. Crypto.com’s CEO noted that at least one of the ETFs will feature “the first of its kind basket of tokens including CRO.” The company is “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 ETFs are anticipated to launch later this year, pending regulatory approval, and will be available internationally.
In addition to the ETF partnership, TMTG’s board has also approved the creation of a “strategic acquisition fund with select investors” to explore “opportunities to partner, merge with and/or acquire other participants in the growing America First Economy …”
At the time of writing, Trump Media and Technology Group shares were up 9 percent in after-hours trading. However, the stock is down around 40 percent year-to-date.
