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Shares of Trump Media & Technology Group (DJT) saw a 9% increase on Tuesday after the company announced a partnership with cryptocurrency trading platform Crypto.com to introduce exchange-traded funds (ETFs).
The firm behind the Truth Social platform, the Truth+ streaming service, and the Truth.Fi financial technology brand revealed that the ETFs are slated for launch later this year through Truth.Fi.
‘Made in America’ Focus
The agreement stipulates that the ETFs will be available via Crypto.com’s broker-dealer, Foris Capital US LLC. These funds “are expected to comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy.” The company stated that the offerings would include “a unique ETF basket of cryptocurrencies incorporating Bitcoin, Cronos, and other crypto assets.”
Trump Media CEO Devin Nunes stated that the aim is “to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy.”
Despite the recent gains, Trump Media & Technology Group shares have declined in value by a third this year.
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