TLDR
- Trump Media and Technology Group (TMTG) announced a partnership with Crypto.com to develop crypto ETFs
- Cronos (CRO) token price surged 30-55% following the announcement, with trading volume increasing six-fold
- The planned ETFs will offer exposure to Bitcoin, Cronos, and other industries under the “Truth.Fi” brand
- Crypto.com faced SEC scrutiny in October 2024 but dropped its countersuit in December when its CEO met with then-President-elect Trump
- A Cronos zkEVM mainnet upgrade is scheduled for March 26, introducing new features like smart account SSO
The price of Cronos (CRO), the native token of Crypto.com, jumped more than 30% in the past 24 hours following an announcement that Trump Media and Technology Group (TMTG) plans to develop cryptocurrency exchange-traded funds (ETFs) with the Singapore-based exchange.
Trading volume for CRO exploded from $21 million to $126 million by Monday evening as traders rushed to buy the token. This represents a nearly six-fold increase in trading activity.
Data from CronoScan shows that daily transactions more than doubled from about 40,000 to over 82,000. The token reached $0.10 according to CoinGecko, marking its highest level since February 5.
Partnership Details and Truth.Fi Brand
The partnership between TMTG and Crypto.com was announced on Monday. TMTG, which runs President Trump’s social media platform Truth Social, signed a non-binding agreement with the cryptocurrency exchange.
According to the announcement, the planned ETFs would offer investors exposure to cryptocurrencies including Bitcoin and Cronos. They would also cover “diverse industries such as energy.”
TMTG CEO and Chairman Devin Nunes explained that they aim “to create inventive funds” with companies that “concentrate on rapid growth, technological innovation, and strengthening the U.S. economy.”
The products will launch under the “Truth.Fi” brand. They plan to enter markets across the United States, Europe, and Asia, pending regulatory approval in each region.
This partnership aligns with President Trump’s economic agenda and recent crypto-friendly stance. Just last week, Trump addressed the Digital Asset Summit conference in New York, becoming the first sitting president to speak at a crypto industry event.
During his remarks, Trump vowed to make America the “undisputed Bitcoin superpower and crypto capital of the world.” This represents a shift in his position on cryptocurrencies since taking office.
Regulatory Background
The deal comes despite recent regulatory issues for Crypto.com. The Securities and Exchange Commission (SEC) filed notice in October last year that it intended to sue the company for operating an unregistered securities exchange.
Crypto.com firmly rejected these allegations and filed a countersuit. However, the company dropped its legal action in December, around the same time its CEO met with then-President-elect Trump.
SEC filings show that in December, Trump transferred about $4 billion worth of his 53% stake in TMTG through a trust controlled by his son, Donald Trump Jr. This made his son the largest shareholder of the media venture.
Technical Analysis and Upcoming Upgrade
The CRO token has shown strong technical indicators. It has formed what traders call a quadruple-bottom pattern at $0.0715, a price level it has rarely dropped below since August last year.
Market analysts suggest the Cronos price may continue rising toward $0.133, which would represent another 30% increase from current levels. However, a drop below $0.09 could reverse this bullish trend.
Adding to the momentum is an upcoming Cronos zkEVM mainnet upgrade scheduled for March 26. This upgrade will introduce smart account SSO, making it easier for users to log in with Google, Apple ID, and mobile credentials.
The upgrade will also lay groundwork for zero-knowledge gateway technology, which aims to improve interchain interoperability. Cryptocurrency prices often rise ahead of major technical upgrades.
The Cronos DeFi ecosystem has shown signs of growth, with total value locked (TVL) increasing to $424 million from $330 million earlier this month. Major projects in the ecosystem include VVS Finance, Tectonic, Orby Network, and Veno Finance.
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