Trump Media Group Signs ‘Non-Binding Agreement’ with Crypto.com to Launch ETFs

Trump’s media firm, Trump Media and Technology Group, is planning to partner with Singapore-based Crypto.com to launch “Made-in-America” ETFs.

The media platform has signed a non-binding agreement to offer a series of exchange-traded products (ETPs) and funds (ETFs).

Trump media firm operates his frequently-used social media platform Truth Social.

The “America-first” investment funds are slated to launch later this year subject to regulatory approvals, the statement noted. Further, the funds will be available on Truth.Fi, a platform designed to offer investment products.

“The funds are expected to be widely available internationally including in the United States, Europe, and Asia, across existing platforms and brokerages,” the release read.

We are excited to announce that https://t.co/vCNztATSCO will partner with Trump Media for ETFs, including a first of its kind ETF basket of cryptocurrencies, including #CRO and other crypto assets.https://t.co/EyxAH4Zhp6 pic.twitter.com/2mFvybjKOW

Crypto.com to Offer Backend Tech, Custody, Cryptos

The funds would comprise both cryptos and securities from industries, including the energy sector. Besides, the funds will be available via Crypto.com’s broker-dealer, Foris Capital US, the media company said Monday.

Additionally, Crypto.com, which was locked in a legal battle with US regulators last year, will supply the cryptocurrencies for the funds, including Bitcoin, Cronos and other digital assets.

“These ETFs will give consumers more options from a brand with a loyal following,” said Kris Marszalek, co-founder and CEO of Crypto.com. “Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world.”

Crypto.com will also provide custody services and support the backend technology.

Following the announcement, Crypto.com’s native CRO token is up nearly 30% over the last 24 hours to $0.10, per CoinGecko. Trump Media’s shares also surged over 9% in after hours trading.

US Crypto ETFs Boom

ETFs are popular investment vehicles that give investors exposure to an underlying asset. The SEC gave green light to Bitcoin and Ethereum exchange-traded funds last year that opened doors to a flood of capital.

The 11 Bitcoin ETFs currently trading, manage about $100 million in assets now. Meanwhile, Ehereum ETFs have generated about $2.5 billion net inflows.

Further, the funds’ success have prompted asset managers to file for a range of altcoin ETFs, including Litecoin, Dogecoin, Solana and Cardano.