Trump Media and Technology Group Corp. DJT announced a partnership with cryptocurrency exchange Crypto.com Monday to introduce a series of exchange-traded funds.
What Happened: The non-binding agreement will facilitate the launch of ETFs under the Truth.Fi brand, a fintech subsidiary of TMTG, according to a press release. The proposed ETFs, expected to comprise a blend of digital assets and securities with a ‘Made in America’ emphasis, will be accessible via Crypto.com’s broker-dealer, Foris Capital US LLC.
The Singapore-based cryptocurrency firm would manage the backend technology, custody, and supply of cryptocurrencies for the ETFs. The ETFs, expected to debut later this year, would feature a basket of cryptocurrencies, including Bitcoin BTC/USD, Crypto.com’s native cryptocurrency Cronos CRO/USD, and others.
See Also: Bitcoin Arms Race: Peter Schiff Doubts Cynthia Lummis’ Theory That China Wants To Take On US — ‘Smart Enough To Have Sold’
Why It Matters: This announcement comes as a significant move for TMTG, which is expanding its financial offerings beyond its Truth Social social media platform and Truth+ video streaming platform.
The firm revealed last month that three ETFs are in development: a Truth.Fi Bitcoin Plus ETF, a Truth.Fi Made in America ETF and a Truth.Fi Energy Independence ETF. Note that TMTG is co-founded and majority-owned by Trump.
The partnership with Crypto.com follows an invitation granted to the company’s CEO, Kris Marszalek to the first-ever White House Crypto Summit earlier this month. As of this writing, Crypto.com was the sixth-largest cryptocurrency exchange, facilitating volume worth nearly $2 billion in the last 24 hours, according to CoinGecko.
Price Action: Trump Media stock pumped 9.42% in overnight trading after closing 3.75% higher at $21.01 on Monday, according to data from Benzinga Pro.
The DJT stock fared low on the value score— a metric that evaluates an asset’s relative worth by comparing its market price to fundamental measures—as of this writing. To view high-value stocks, access Benzinga’s proprietary Edge Rankings score.
At the time of writing, the CRO token traded at $0.1008, surging 24% in the last 24 hours. It was the second-biggest cryptocurrency gainer of the day.
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