Trump Media & Technology Group, the parent company of U.S. President Donald Trump’s Truth Social media platform, has finalized its agreement with crypto exchange Crypto.com and Florida-based asset manager Yorkville America Digital to roll out a lineup of exchange-traded funds and exchange-traded products, including ones tied to Bitcoin (BTC) and Cronos.
Trump Media Crypto-Related ETFs Are Coming Soon
Trump Media has reached a binding agreement to launch an array of retail crypto investment products, in its latest bid to diversify into financial services.
According to a press release on April 22, the plan, which includes a series of exchange-traded funds, will be debuted through Trump Media’s financial services platform, Truth.Fi. As part of the deal with Crypto.com, the entity will invest up to $250 million in exchange-traded funds (ETFs) and separately managed accounts (SMAs) that track cryptocurrency and energy securities.
“This agreement is a major step forward in diversifying TMTG into financial services and digital assets,” TMTG CEO and Chairman Devin Nunes said in the release.
The binding agreement between the companies follows a non-binding deal floated last month. The exchange-traded products are expected to include a unique basket of crypto-related equities, Bitcoin, and other altcoins with a “Made in America” focus, according to the Tuesday announcement.
“We’re gratified to work with great partners, Crypto.com and Yorkville America Digital, and look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth,” Nunes added.
Trump Media indicated that the funds will be launched later this year, pending regulatory approval, and will be available in the U.S. and abroad. Notably, no ETF applications have been submitted to the U.S. Securities and Exchange Commission (SEC) so far.
Trump And Crypto
Tuesday’s announcement of Trump Media’s deal with Crypto.com to launch crypto-related ETFs follows a slew of other Trump-related crypto news.
Last month, President Trump signed an executive order to create a Strategic Bitcoin Reserve, which will hold the world’s premier crypto as a store of value akin to a digital Fort Knox, as well as a separate digital asset stockpile.
President Trump, who founded Trump Media in 2021 and frequently championed the crypto industry via Truth Social, has also revamped the SEC since his inauguration in January. Crypto.com announced in late March that the SEC had officially dismissed its 2024 probe into the crypto trading platform and would not initiate any enforcement action against it.
Trump appointee Paul Atkins was recently sworn in as the new SEC chairman, just a few months after former crypto skeptic Gary Gensler departed the federal agency.