Trump Media joins Crypto.com to launch "Made in America" ETFs
Trump Media & Technology Group, the company behind Truth Social, announced a partnership with cryptocurrency platform Crypto.com to develop exchange-traded funds (ETFs) under its 'Truth.Fi' financial services brand, according to a report by Reuters.
The planned ETFs will include both digital assets like Bitcoin and traditional securities with a "Made in America" focus across multiple industries, according to a company statement. Crypto.com's broker-dealer arm, Foris Capital, will provide backend technology, custody services, and cryptocurrency support for the products.
For all latest news, follow The Daily Star's Google News channel. The funds - which include proposed offerings like the 'Truth.Fi Bitcoin Plus ETF' and 'Truth.Fi Made in America ETF' - are expected to launch later this year with availability in the US, Europe and Asia. The move follows Trump Media's January announcement of its Truth.Fi financial services initiative and a February filing to trademark six investment products tracking bitcoin and U.S. industrial sectors, adds the report by Reuters.
Trump Media reported holding over $700 million in cash at the end of last year and authorised up to $250 million in investments through Charles Schwab as part of its diversification strategy. The company indicated plans to allocate funds across ETFs, managed accounts and cryptocurrency investments.
The partnership represents Trump Media's latest effort to expand beyond its core social media platform, Truth Social, into financial services amid ongoing volatility in its stock price since going public through a SPAC merger earlier this year.
The company's shares rose 10.5% in after-hours trading following the news, though they remain down 38% over the past year.