Trump Media & Technology Group Corp. (TMGTG), the company behind former President Donald Trump’s social media platform Truth Social, has announced a preliminary deal with Crypto.com to develop a lineup of exchange-traded funds (ETFs) and exchange-traded products (ETPs) under the Truth.Fi brand.
The agreement is non-binding, with the launch planned for later this year, pending regulatory approval and a finalized agreement. Crypto.com will handle the backend technology and custody services for the new ETFs through its U.S. trust entity, Crypto.com Custody Trust Company, and will provide the cryptocurrency for the funds.
Investors will be able to purchase the ETFs via Foris Capital US LLC, Crypto.com’s registered broker-dealer. Once launched, the funds are expected to be available across major global markets, including the United States, Europe, and Asia, through existing platforms and brokerage services.
The ETFs’ launch will coincide with a series of Truth.Fi Separately Managed Accounts (SMAs).
This move is part of TMTG’s broader financial services and fintech strategy, with the company planning to invest using its own cash reserves.
Devin Nunes, CEO and Chairman of TMTG, stated, “We’re excited to join Crypto.com, along with our partner Yorkville America, to launch America First investment products supporting innovative crypto ventures, great American companies, and cutting-edge technologies.” He emphasized the goal to create “innovative funds” focused on fast-paced growth, technological advancements, and strengthening the U.S. economy.
Kris Marszalek, Crypto.com’s CEO and co-founder, expressed enthusiasm about the collaboration with Truth Social, highlighting the role of the partnership in supporting the upcoming ETF offerings, which will include a first-of-its-kind basket of digital assets featuring CRO, the native token of the Cronos blockchain.
Marszalek added, “These ETFs will give consumers more options from a brand with a loyal following. Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world.”
The potential launch of these ETFs further underscores Donald Trump’s growing involvement in the cryptocurrency sector, a development that has already been noted. Critics have voiced concerns about possible conflicts of interest arising from the former president’s business ventures in the crypto realm.
