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TMTG said the ETFs, made available through Crypto.com’s broker-dealer Foris Capital US, will likely comprise digital assets and securities with a Made in America focus spanning diverse industries such as energy.
Trump Media & Technology Group Corp. (DJT) stock could be in the spotlight on Tuesday after the Truth Social parent said it was partnering with Crypto.com for its exchange-traded fund offerings.
The Sarasota, Florida-based company, majority-owned by President Donald Trump, announced Monday after market close that it had signed a non-binding agreement with crypto trading platform Crypto.com to launch a series of ETFs under the Truth.Fi brand.
The development follows the Trump Media & Technology Group (TMTG)’s announcement in early February that it had applied to register trademarks for brand names of Truth.Fi investment vehicles to offer customized ETFs and separately managed accounts (SMAs).
At that time, TMTG said the move was part of its financial services and FinTech strategy, which includes an investment of up to $250 million.
On Monday, the company said the ETFs, made available through Crypto.com’s broker-dealer Foris Capital US will likely comprise digital assets and securities with a Made in America focus spanning diverse industries such as energy.
The agreement provides for Crypto.com to support backend technology, provide custody, and supply the cryptocurrencies for the ETFs.
The ETFs are expected to include a unique ETF basket of cryptocurrencies including Bitcoin (BTC.X), Cronos (CRO.X) and other crypto assets.
Cronos, the native coin of the Cronos blockchain and the utility token of Crypto.com, spiked by 23.15% to $0.0188 on the news, and sentiment toward the coin has flipped to ‘extremely bullish’ (80/100) from ‘bearish’ a day ago. The message volume also increased to ‘high’ levels.
TMTG said these ETFs will be launched later this year, subject to definitive agreement and regulatory approval. They will likely be widely available internationally, including
in the U.S., Europe, and Asia, across existing platforms and brokerages.
TMTG CEO and Chairman Devin Nunes said, "We're excited to join Crypto.com, along with our partner Yorkville America, to launch America First investment products supporting innovative crypto ventures, great American companies, and cutting-edge technologies.”
Crypto.com CEO Kris Marszalek said these ETFs will give consumers more options from a brand with a loyal following. Following the launch, the ETFs will be available on the Crypto.com App for the company’s more than 140 million users worldwide, he added.
On Stocktwits, retail sentiment toward TMTG stock stayed bullish (67/100), although the message volume remained ‘low.’
A bullish watcher said TruthFi will propel the stock to staggering heights.
Another user said the moving average divergence convergence (MACD), a technical indicator, is bullish again. They are positioned for a big move on Tuesday.
TMTG stock rallied 9.42% to $22.99 in Monday’s after-hours session following the announcement. The stock has lost over 38% year-to-date.
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