Trump Media inks deal with Crypto.com for ‘Made in America’ ETFs
US President Donald Trump’s media conglomerate, Trump Media and Technology Group, has signed an agreement with crypto exchange Crypto.com to launch exchange-traded funds “with a Made in America focus.”
Trump Media, which operates the social media site Truth Social, said on April 22 that it signed a binding agreement with Crypto.com and asset manager Yorkville America Digital to launch ETFs, which “are expected to comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy.”
The funds will launch through Trump Media’s decentralized finance brand, Truth.Fi, and will be available through Crypto.com’s broker-dealer, Foris Capital. The funds are expected to go live later in 2025, subject to regulatory approval.
Trump Media plans to invest some of its cash reserves into the ETFs, which will be launched alongside a number of Truth.Fi Separately Managed Accounts. The US law firm Davis Polk will be advising on the development and launch of the products.
The initiative is part of the firm’s financial services and fintech strategy, using up to $250 million custodied by Charles Schwab following a partnership agreement with the bank in January.
The finalization of the agreement follows Trump Media and Crypto.com signing a non-binding deal in March.
It’s set to be the latest crypto-related venture involving Trump and his family. The Trumps helped launch a crypto platform, World Liberty Financial, in October, which has a linked token and plans for a stablecoin.
President Trump’s sons, Eric Trump and Donald Trump Jr., have also gone in on a crypto mining venture called American Bitcoin.
Spot crypto ETFs rebounding
Spot Bitcoin ETFs in the US have seen a turnaround in institutional interest, with more than $1 billion in aggregate inflows so far this week as crypto markets rebounded.
Related: Trump’s next crypto play will be Monopoly-style game — Report
It comes after Bitcoin ETFs have been plagued by outflows over the past few weeks as the wider market entered a downturn, as Trump ramped up fears of a trade war with threats of tariffs, which were eventually implemented in early April.
Meanwhile, Crypto.com’s native token, Cronos (CRO), has surged 12% after the company inked the deal with Trump Media, reaching $0.09. However, the exchange token remains down 90% from its 2021 all-time high of just under a dollar.
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