President Donald Trump’s media company Trump Media & Technology Group said on Monday it is partnering with Crypto.com to launch exchange-traded funds and products through its Truth.Fi brand.
Shares of the company, which operates social media platform Truth Social, rose 10.5 per cent after the bell on Monday, but have fallen 38 per cent in the last 12 months.
The ETFs, which will be available through Crypto.com’s broker-dealer Foris Capital, will include digital assets as well as securities with a “Made in America focus” across various industries, according to a statement.
The funds are planned to be launched later this year and will be available internationally, including the U.S., Europe and Asia.
Crypto.com will provide backend technology, custody and cryptocurrencies such as Bitcoin and Cronos for the ETFs.
Trump Media announced the launch of its financial services and FinTech brand Truth.Fi in January, amid a crypto boom.
Its board had also authorized an investment of up to $250 million through Charles Schwab as it seeks to diversify its cash holdings, which exceeded $700 million at the close of the previous year.
Trump Media had said it plans to allocate these funds into various investment options, including ETFs, separately managed accounts and cryptocurrencies.
In February, Trump Media said it has applied to trademark six investment products that track bitcoin and the U.S. manufacturing and energy sectors.
The trademarks include Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF and Truth.Fi U.S. Energy Independence ETF.
