Trump Media & Technology Group Corp (DJT) shares saw an increase on Tuesday following the announcement of a partnership with Crypto.com. The collaboration aims to launch a series of Exchange Traded Funds (ETFs) under the Truth.Fi brand.
The agreement, which is non-binding, will see the creation of ETFs focusing on digital assets and securities. These funds are expected to have a “Made in America” focus. Crypto.com will contribute backend technology, provide custody services, and supply cryptocurrencies for the ETFs. The cryptocurrencies planned for inclusion are expected to include Bitcoin (BTC/USD), Cronos, and other crypto assets.
The launch of these funds is anticipated later this year, with availability planned across the U.S., Europe, and Asia.
“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,” stated Devin Nunes, chairman and CEO of Trump Media. “We aim to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy, unencumbered by woke nonsense and political posturing.”
Trump Media had previously announced its expansion into financial services at the end of January, which included the launch of Truth.Fi. The company also mentioned plans to use its cash reserves, up to $250 million, for investments to be custodied by Charles Schwab. Schwab will also broadly advise on Trump Media’s Truth.Fi investments and strategy.
As of the time of publication on Tuesday, Trump Media shares were up 7.4% at $22.57, according to Benzinga Pro.
