Trump Media and Crypto.com partner on ETF offerings
Trump Media & Technology Group announced Monday that it's partnering with Crypto.com to launch exchange-traded funds (ETFs) and other products through its Truth.Fi brand.
President Donald Trump's media company will offer the ETFs through Crypto.com's broker-dealer Foris Capital, which will include digital assets and securities with a "Made in America focus" across a variety of industries, including energy, according to the company.
ETF offerings are also expected to include digital assets with a unique basket of cryptocurrencies, including bitcoin. Crypto.com will support the backend technology and custody, while also handling the supply of cryptocurrencies for these ETFs.
The companies are planning to launch the ETFs later this year pending regulatory approval, and the funds will be available internationally, including in the U.S., Europe and Asia across existing platforms and brokerages.
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"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," said TMTG CEO Devin Nunes. "Investors will finally have options that adhere to their principles and that support superior U.S. companies precisely focused on their core businesses."
Kris Marszalek, co-founder and CEO of Crypto.com, said the offerings will include a "first-of-its-kind basket of tokens, including CRO," adding they will offer investors more choice in the marketplace.
"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," he added.
The ETF launch is expected to occur alongside Trump Media's slate of Truth.Fi separately managed accounts (SMAs).
Trump Media plans to invest in both the SMAs and ETFs with up to $250 million of its cash reserves, which will be custodied by Charles Schwab.
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In February, Trump Media applied to trademark six investment products that track bitcoin and the U.S. manufacturing and energy sectors. The trademarks include Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF and Truth.Fi U.S. Energy Independence ETF.
Reuters contributed to this report.