Trump Media & Technology Group Reaches Deal with Crypto.com to Launch ‘Made in America’ Themed ETF
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Trump Media and Technology Group Signs Deal with Crypto.com to Launch ETFs Tracking Cryptocurrencies and Securities, Focusing on "Made in America" Theme.
Trump Media and Technology Group, the media group owned by U.S. President Donald Trump, has signed an agreement with cryptocurrency exchange Crypto.com to launch an exchange-traded fund (ETF) featuring the theme of "Made in America".
Trump Media, which operates the Truth Social social media platform, said on April 22 that it had signed a binding agreement with Crypto.com and asset management company Yorkville America Digital to launch ETF products. These ETFs "are expected to include digital assets and securities, focusing on the theme of Made in America, covering multiple industries such as energy."
The funds will be issued through Trump Media's decentralized finance brand Truth.Fi and sold through Crypto.com's broker-dealer Foris Capital. The funds are expected to go live later in 2025, depending on regulatory approval.
Trump Media plans to invest part of its cash reserves in these ETFs, which will be launched simultaneously with multiple Truth.Fi separately managed accounts. U.S. law firm Davis Polk will provide advisory services on product development and issuance.
The plan, which is part of the company's financial services and fintech strategy, will use up to $250 million in funds held in custody by Charles Schwab, stemming from a partnership agreement reached with the bank in January this year.
The finalization of this agreement comes after Trump Media and Crypto.com signed a non-binding agreement in March.
This will be the latest cryptocurrency-related project involved by the Trump family. Last October, the Trump family helped launch the cryptocurrency platform World Liberty Financial, which has an associated token and plans to issue a stablecoin.
President Trump's two sons, Eric Trump and Donald Trump Jr., are also involved in a cryptocurrency mining project called American Bitcoin.
Spot Cryptocurrency ETFs Rebound
As the cryptocurrency market rebounds, institutional investment interest in U.S. spot Bitcoin (BTC) ETFs has turned around, with total inflows exceeding $1 billion so far this week.
Bitcoin ETFs have been plagued by outflows over the past few weeks as the broader market slumped as Trump heightened trade war concerns and threatened tariffs, which were ultimately implemented in early April.
Meanwhile, Crypto.com’s native token, Cronos (CRO), rose 12% to $0.09 following the company’s deal with Trump Media. However, the exchange token is still down 90% from its 2021 all-time high of nearly $1.
