Trump Media & Tech plans to collaborate with Crypto.com to launch a America First ETF
Trump Media & Tech and Crypto.com plan to launch multiple exchange-traded funds (ETFs) later this year, which will track digital assets and securities focused on American manufacturing. Crypto.com will provide technical support and cryptocurrency services. Trump Media & Tech plans to invest in the ETFs using its own cash reserves, with a global issuance expected. The group's CEO Devin Nunes stated that the goal is to create innovative funds focused on rapidly growing and technologically innovative companies. On Monday after-hours trading, Trump Media & Tech's stock price rose over 9%
According to a statement released on Monday, Trump Media & Tech (DJT.US) has signed a non-binding agreement with the cryptocurrency trading platform Crypto.com to launch multiple exchange-traded funds (ETFs) later this year through Trump Media & Tech's fintech brand Truth.Fi. These ETFs are expected to track digital assets as well as securities focused on "Made in America" across various industries, including energy.
Crypto.com will support backend technology through its brokerage Foris Capital US LLC, handling custody and providing cryptocurrencies for the ETFs, including Bitcoin, Cronos, and other tokens.
These funds are expected to be issued globally, including in the United States, Europe, and Asia.
Trump Media & Tech plans to invest in the ETFs using its own cash reserves as part of a strategy involving up to $250 million held in custody by Charles Schwab.
Devin Nunes, CEO and Chairman of Trump Media & Tech, stated: "Our goal is to create innovative funds that incorporate companies focused on rapid growth, technological innovation, and strengthening the American economy, free from nonsense and political posturing."
On Monday, after-hours trading saw Trump Media & Tech rise over 9%