Trump Media group, Crypto.com to partner on ETF tracking crypto basket with BTC, CRO 

Source Cryptopolitan

Trump Media and Technology Group (TMTG) has reached a nonbinding agreement with Crypto.com on launching a series of exchange-traded funds and exchange-traded products (ETFs). The financial products will bear the Truth.fi brand and are expected to appear this year in the United States and abroad.

The financial products will be known collectively as America-First Investment Funds and available through Crypto.com’s broker-dealer Foris Capital. They will include funds tracking cryptocurrency as well as “securities with a Made in America focus spanning diverse industries such as energy,” according to a statement.

America-First financial products come in a few flavors

The ETFs will be launched alongside Truth.Fi Separately Managed Accounts (SMAs). SMAs are managed portfolios created to meet an investor’s specifications. TMTG will invest up to $250 million in the ETFs and SMAs. Charles Schwab will partner with TMTG to develop the SMAs and will custody TMTG’s investment.

In February, TMTG registered trademarks for the Truth.Fi Made in America ETF and SMA, Truth.Fi U.S. Energy Independence ETF and SMA and Truth.Fi Bitcoin Plus ETF and SMA.

Devin Nunes, the former congressperson who resigned at the beginning of 2022 to become CEO of TMTG, said, “We aim to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy, unencumbered by woke nonsense and political posturing.”

Crypto.com co-founder and CEO Kris Marszalek said, “We are proud to partner with Truth Social (DJT) and Yorkville America, and to support the launch of these new ETFs, including the first of its kind basket of tokens including CRO. […] Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world.”

Cronos (CRO) is the Crypto.com governance token. CRO traded at $0.080 early on March 24, reached a peak of $0.099 at 11:30 p.m. GMT and settled down to $0.095 at the time of writing.

Crypto.com will maintain backend technology, provide custody for the Truth.Fi Bitcoin Plus ETF and supply the cryptocurrencies for the ETF, which will be a basket of mixed coins.

TMTG selected Yorkville Advisors as its registered investment adviser for the America-First line in January.

TMTG does plenty besides ETFs

TMTG was founded in 2021. U.S. President Donald Trump is the largest shareholder, owning almost 60% of the stock. It operates social media platform Truth Social and streaming TV platform Truth+. In addition, it is launching Truth.Fi financial services company, which will incorporate the America-First investment products. 

Besides Nunes, the TMTG board of directors includes Donald Trump Jr. and U.S. Federal Bureau of Investigation director Kash Patel. Linda McMahon recently resigned to take the post of Secretary of Education. 

Donald Trump Sr. is also associated with the World Liberty Financial (WLFI) decentralized protocol. His sons Donald Jr., Eric and Barron hold positions in that organization as well.

 

Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin volatility drops to third-lowest level since 2012 amid rise in BTC treasury companiesBitcoin (BTC) trades above $108,000 on Tuesday following a steady decline in its volatility in the first half of the year, marking the third-lowest H1 volatility since 2012.
Author  FXStreet
Yesterday 02: 11
Bitcoin (BTC) trades above $108,000 on Tuesday following a steady decline in its volatility in the first half of the year, marking the third-lowest H1 volatility since 2012.
placeholder
AUD/NZD inches higher to near 1.0900 as RBNZ maintains Official Cash Rate at 3.25%AUD/NZD holds ground after the Reserve Bank of New Zealand (RBNZ) decided to stand pat on the policy rate after six consecutive cuts, trading around 1.0890 during the Asian hours on Wednesday.
Author  FXStreet
Yesterday 03: 03
AUD/NZD holds ground after the Reserve Bank of New Zealand (RBNZ) decided to stand pat on the policy rate after six consecutive cuts, trading around 1.0890 during the Asian hours on Wednesday.
placeholder
Ethereum Price Turns Positive — More Upside Likely if Momentum HoldsETH is now consolidating gains and might aim for a fresh move above $2,620.
Author  NewsBTC
Yesterday 03: 26
ETH is now consolidating gains and might aim for a fresh move above $2,620.
placeholder
Jeff Bezos sold nearly 3 million Amazon shares for $665.8 million in early JulyJeff Bezos has sold nearly three million shares of Amazon in the first two days of July, offloading a total of $665.8 million.
Author  Cryptopolitan
Yesterday 03: 43
Jeff Bezos has sold nearly three million shares of Amazon in the first two days of July, offloading a total of $665.8 million.
placeholder
Gold price slides further below $3,300, over one-week low amid a firmer USDGold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Wednesday and drops to a one-and-a-half-week low in the last week.
Author  FXStreet
22 hours ago
Gold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Wednesday and drops to a one-and-a-half-week low in the last week.
goTop
quote