TLDR:
- Trump Media and Technology Group signed a binding agreement with Crypto.com to launch ETFs
- The ETFs will focus on “Made in America” assets including digital assets and securities across various industries
- The funds will launch through Trump’s DeFi brand Truth.Fi and be available via Crypto.com’s broker-dealer
- The products are expected to launch in 2025, subject to regulatory approval
- This is the latest crypto venture for the Trump family, who are also involved in World Liberty Financial and American Bitcoin
Donald Trump’s media company is making a move into cryptocurrency and financial services with a new partnership aimed at launching investment products aligned with the president’s “America First” policies.
Trump Media and Technology Group (TMTG), which operates Truth Social, announced on April 22 that it had signed a binding agreement with cryptocurrency exchange Crypto.com and asset manager Yorkville America Digital. The deal will create exchange-traded funds (ETFs) focused on “Made in America” investments.
The planned ETFs will include both digital assets and traditional securities from diverse American industries such as energy. These investment products will be launched through TMTG’s decentralized finance brand, Truth.Fi, and will be made available to investors via Foris Capital, Crypto.com’s broker-dealer subsidiary.
A Strategic Financial Move
TMTG plans to invest some of its own cash reserves into these new ETFs. The company will work with US law firm Davis Polk to develop and launch the products, which are expected to become available later in 2025, pending regulatory approval.
This initiative is part of TMTG’s broader financial services strategy. The company has up to $250 million custodied by Charles Schwab following a partnership agreement signed in January. The finalization of this deal follows a non-binding agreement between Trump Media and Crypto.com announced in March.
The announcement has already had market impact. Crypto.com’s native token, Cronos (CRO), surged 12% after the deal was announced, reaching $0.09. However, the token remains down 90% from its 2021 all-time high of nearly one dollar.
Trump Family’s Growing Crypto Portfolio
This ETF venture represents the latest in a series of crypto-related businesses involving Donald Trump and his family. The Trumps helped launch a cryptocurrency platform called World Liberty Financial in October, which has its own token and plans to create a stablecoin.
The president’s sons, Eric Trump and Donald Trump Jr., have also invested in a cryptocurrency mining venture called American Bitcoin. These initiatives mark a rapid expansion of the Trump business empire into digital assets.
TMTG CEO Devin Nunes stated in the press release:
“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.”
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. President Trump will reportedly play no role in day-to-day operations or decision-making.
Crypto Market Context
This deal comes as spot Bitcoin ETFs in the US are seeing renewed institutional interest. These funds have recorded more than $1 billion in aggregate inflows during the past week as crypto markets rebounded from a recent downturn.
The recent market downturn happened partly as Trump ramped up trade war concerns with tariff threats, which were implemented in early April. These new “Made in America” ETFs appear designed to align with the president’s economic policies while capitalizing on interest in both domestic investments and digital assets.
No ETF filings have yet appeared on the Securities and Exchange Commission website. The SEC had previously investigated Crypto.com, but on March 27, the company announced that the agency had officially closed its 2024 investigation and would file no enforcement action.
The planned ETFs will join existing products with investment strategies aligned with conservative values. The American Conservative Values ETF holds $110 million in assets, while the God Bless America ETF, which describes itself as “an investment for God-fearing, flag-waving conservatives,” has assets of $79.4 million.
These funds are expected to be widely available both in the United States and abroad, pending regulatory approval.
