Trump Media and Technology Group Corp. (TMTG) announced on Monday that it has entered into a non-binding agreement with Crypto.com to develop a series of exchange-traded funds (ETFs) and exchange-traded products under the Truth.Fi brand.
According to Monday’s announcement, the planned exchange-traded funds will be available through Crypto.com’s broker-dealer, Foris Capital US LLC, and are expected to include a mix of digital assets and traditional securities, particularly those with a focus on the US economy.
The collaboration will reportedly leverage Crypto.com’s technological infrastructure, which will handle backend operations, custody services, and supply cryptocurrencies for the ETFs.
Notably, the exchange-traded funds are set to incorporate a basket of cryptocurrencies, including Bitcoin (BTC) and Cronos (CRO), the utility token for the Crypto.com platform, catering to the growing interest in digital assets among investors.
TMTG’s CEO and Chairman, Devin Nunes, expressed enthusiasm about the partnership, emphasizing a commitment to creating “America First” investment products. “We aim to support innovative crypto ventures and great American companies without the distractions of political posturing,” Nunes stated.
Nunes highlighted that the funds will focus on firms dedicated to rapid growth and technological innovation, providing investors with options that align with their principles.
Kris Marszalek, co-founder and CEO of Crypto.com, echoed these sentiments, noting the company’s pride in partnering with TMTG and Yorkville America to launch these groundbreaking ETFs. Marszalek stated:
We are proud to partner with Trump Media and Yorkville America, and to support the launch of these new ETFs, including the first of its kind basket of tokens including CRO. These ETFs 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.
In addition to the ETFs, TMTG plans to introduce Truth.Fi Separately Managed Accounts (SMAs), which will also be funded through the company’s cash reserves.
Per the announcement, the overall financial strategy includes a significant investment of up to $250 million, to be managed by Charles Schwab, thereby enhancing TMTG’s footprint in the financial services sector.
The launch of these ETFs is anticipated later this year, pending definitive agreements and regulatory approval. Once established, these products will be accessible internationally, including in major markets across the United States, Europe, and Asia, further expanding the reach of TMTG’s financial initiatives.
At the time of writing, the TRUMP memecoin is trading at $11.44, which is down over 80% from its current all-time high of $73, reached on the same day of its debut on January 19th of this year.
CRO on the other hand, trading at $0.1017, has seen a massive 24% spike following the partnership announcement, but is also down nearly 90% from its record high of $0.9654.
Featured image from NBC, chart from TradingView.com
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