Trump Media Joins Forces with Crypto.com to Debut ETFs on Truth.Fi

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Trump Media & Technology Group announced on Monday that it is partnering with Crypto.com to launch exchange-traded funds (ETFs) and other financial products under its Truth.Fi brand. The news led to a 10.5% rise in the company’s shares after hours, although the stock has dropped 38% over the past year.

The new ETFs, available through Crypto.com's broker-dealer Foris Capital, will include both digital assets and securities with a "Made in America" focus, spanning multiple industries. These funds are expected to launch later this year and will be available internationally, including in the U.S., Europe, and Asia.

Crypto.com will provide the backend technology, custody services, and cryptocurrencies such as Bitcoin and Cronos for the ETFs.

The launch of Truth.Fi, Trump Media’s financial services and fintech brand, was announced in January amid a surge in crypto interest. Additionally, the company’s board has authorized an investment of up to $250 million via Charles Schwab to diversify its holdings, which exceeded $700 million at the end of the previous year. Trump Media plans to allocate these funds into various investment vehicles, including ETFs, managed accounts, and cryptocurrencies.

In February, Trump Media revealed it had applied to trademark six investment products tied to Bitcoin and the U.S. manufacturing and energy sectors, including the Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi U.S. Energy Independence ETF.

Paraphrasing text from "Reuters" all rights reserved by the original author