Trump Media Partners Crypto.com for "Made in America" ETFs, Cronos Surges 12%

Trump Media and Technology Group, the media conglomerate of former US President Donald Trump, has entered into a significant agreement with Crypto.com, a prominent crypto exchange. The partnership aims to launch exchange-traded funds (ETFs) with a focus on "Made in America" investments. This collaboration was announced on April 22 and involves asset manager Yorkville America Digital. The ETFs are expected to include a mix of digital assets and securities from various industries, with a particular emphasis on energy.

The ETFs will be launched through Trump Media's decentralized finance brand, Truth.Fi, and will be available via Crypto.com's broker-dealer, Foris Capital. The launch is anticipated for later in 2025, pending regulatory approval. Trump Media intends to allocate some of its cash reserves to these ETFs, which will be introduced alongside a series of Truth.Fi Separately Managed Accounts. The US law firm Davis Polk will provide advisory services for the development and launch of these financial products.

This initiative is part of Trump Media's broader financial services and fintech strategy, leveraging up to $250 million custodied by Charles Schwab following a partnership agreement with the bank in January. The finalization of this agreement comes after Trump Media and Crypto.com signed a non-binding deal in March. This venture marks the latest crypto-related endeavor involving the Trump family, following the launch of the crypto platform World Liberty Financial in October, which includes a linked token and plans for a stablecoin. Additionally, President Trump’s sons, Eric Trump and Donald Trump Jr., have invested in a crypto mining venture called American Bitcoin.

Crypto.com’s native token, Cronos (CRO), experienced a 12% surge following the announcement of the deal with Trump Media, reaching $0.09. However, the token remains significantly down from its 2021 all-time high of just under a dollar. This partnership underscores the growing intersection of traditional finance and the crypto industry, with both entities aiming to capitalize on the burgeoning interest in digital assets and ETFs. The collaboration is expected to bring a unique offering to the market, combining the political and economic focus of Trump Media with the technological expertise of Crypto.com.