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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.

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