President Donald Trump's media company, Trump Media & Technology Group, announced a partnership with Crypto.com to launch exchange-traded funds (ETFs) and products under its Truth.Fi brand.
Shares of the company, which operates the social media platform Truth Social, rose 10.5% after the announcement on Monday, despite a 38% decline over the past year.
The ETFs, available through Crypto.com's broker-dealer Foris Capital, will feature digital assets as well as securities with a focus on American-made products across various industries.
These funds are expected to launch later this year and will be accessible internationally, including in the U.S., Europe, and Asia. Crypto.com will supply backend technology, custody, and cryptocurrencies like Bitcoin and Cronos for the ETFs.
In January, Trump Media announced the establishment of its financial services and FinTech brand amidst a surge in cryptocurrency interest. The board approved an investment of up to $250 million through Charles Schwab to diversify its cash holdings, which exceeded $700 million at the end of the previous year.
Trump Media indicated that these funds would be allocated to various investment options, including ETFs, separately managed accounts, and cryptocurrencies. In February, the company applied for six investment products that track Bitcoin and sectors related to U.S. manufacturing and energy.
The proposed trademarks include the Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi U.S. Energy Independence ETF.