TLDR
- Trump Media and Technology Group signed a binding agreement with Crypto.com and Yorkville America Digital to launch ETFs
- The ETFs will focus on “Made in America” assets, including digital assets and securities across industries like energy
- The funds will launch through Trump Media’s DeFi brand Truth.Fi, available via Crypto.com’s broker-dealer
- Expected launch in 2025, subject to regulatory approval
- This is the latest in a series of crypto ventures involving Trump and his family
Trump Media and Technology Group has finalized a binding agreement with cryptocurrency exchange Crypto.com and asset manager Yorkville America Digital to create exchange-traded funds (ETFs) with a “Made in America” focus. The deal, announced on April 22, marks a major step in the company’s expansion into financial services and cryptocurrency markets.
The Partnership Details
The planned ETFs will include both digital assets and securities focused on American industries, with an emphasis on sectors such as energy. These investment products will be launched under Trump Media’s decentralized finance brand, Truth.Fi, and will be accessible through Crypto.com’s broker-dealer arm, Foris Capital.
The funds are expected to become available later in 2025, pending regulatory approval. Trump Media CEO Devin Nunes expressed optimism about the venture, stating, “We look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth.”
Trump Media plans to invest some of its own cash reserves into these ETFs. The company will also launch several Truth.Fi Separately Managed Accounts as part of this initiative. Legal guidance for the development and launch of these products will be provided by US law firm Davis Polk.
Trump’s Growing Crypto Portfolio
This agreement follows a non-binding deal signed between Trump Media and Crypto.com in March. The finalization comes at a time when the SEC has closed a 2024 investigation into Crypto.com without taking enforcement action against the company.
The ETF venture is just one part of Trump Media’s financial services strategy, which includes utilizing up to $250 million held by Charles Schwab following a partnership agreement with the bank established in January.
The Trump family has quickly expanded into the cryptocurrency space in recent months. President Trump and his family have helped launch World Liberty Financial, a crypto platform with its own token and plans for a stablecoin. His sons, Eric Trump and Donald Trump Jr., have also invested in a crypto mining venture called American Bitcoin.
The Trump Organization announced in January that the president’s investments, assets, and business interests, including his $2.7 billion stake in Trump Media, would be held in a trust managed by his children. According to this arrangement, Trump will not be involved in day-to-day operations or decision-making.
Market Impact and Context
The news has had a positive effect on Crypto.com’s native token, Cronos (CRO), which surged 12% after the deal announcement, reaching $0.09. However, the token remains down 90% from its 2021 all-time high of nearly one dollar.
The broader crypto ETF market has shown signs of recovery recently. Spot Bitcoin ETFs in the US have experienced more than $1 billion in aggregate inflows this week as crypto markets rebounded. This comes after a period of outflows during a market downturn that coincided with tensions over trade tariffs.
Several ETFs already offer products with investment strategies aligned with Trump’s policy objectives. The American Conservative Values ETF (ACVF) holds $110 million in assets and was launched in October 2022. The God Bless America ETF (YALL), which describes itself as “an investment for God-fearing, flag-waving conservatives,” has assets of $79.4 million.
The Trump Media ETFs are expected to be available both in the US and abroad. As of now, no ETF filings have been submitted to the Securities and Exchange Commission website.
Trump Media operates the social media platform Truth Social, which will serve as a gateway to promote these new financial products to its user base. The integration of social media with financial services represents a new direction for the company as it looks to diversify its revenue streams.
The planned ETFs will need to navigate the complex regulatory landscape for cryptocurrency investments, which continues to evolve under current SEC oversight.
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