The ETFs will be available through Crypto.com’s broker dealer Foris Capital and will be based on digital assets and conventional securities.
Trump Media and Technology Group Corp. (TMTG), operator of the social media platform Truth Social, is launching digital asset-based exchange-traded funds and exchange-traded products via a non-binding agreement with Crypto.com, a crypto trading platform, officials say. The instruments will be offered through the Truth.Fi brand.
“The ETFs, made available through Crypto.com’s broker dealer Foris Capital US LLC, are expected to comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy,” according to the announcement. “Crypto.com will support the backend technology, provide custody, and supply the cryptocurrencies for the ETFs, which are anticipated to include a unique ETF basket of cryptocurrencies incorporating Bitcoin, Cronos, and other crypto assets.”
The plan is to launch the ETFs later this year “subject to definitive agreement and regulatory approval,” officials say. “The funds are expected to be widely available internationally including in the United States, Europe, and Asia, across existing platforms and brokerages.”
“We’re excited to join Crypto.com, along with our partner Yorkville America, to launch America First investment products supporting innovative crypto ventures,” says Devin Nunes, CEO and chairman of TMTG, in a prepared statement. “We aim to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy.”
“Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world,” says Kris Marszalek, co-founder and CEO of Crypto.com.
The ETFs will launch “alongside a slate of Truth.Fi Separately Managed Accounts (SMAs). The ETFs and SMAs, both of which TMTG is planning to invest in via its own cash reserves, are part of a TMTG financial services and FinTech strategy using up to $250 million to be custodied by Charles Schwab,” according to the announcement.
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