Shares in Trump Media and Technology Group jumped 5.7% on Tuesday after the president’s social media firm announced a deal with Crypto.com to launch a series of exchange-traded funds.
In a press release late on Monday, Trump Media said the exchange-traded funds and related products will have “a Made in America focus spanning diverse industries such as energy.”
Crypto.com and its US affiliate, Foris Capital, are expected to launch the ETFs later this year, contingent on regulatory approvals, according to the press release.
Prior to the announcement, shares in Trump Media – which owns the president’s X-like social media app Truth Social – were down about 40%. The stock suffered as Trump’s threatened tit-for-tat tariffs spooked investors, since economists have warned the taxes could reheat inflation.
Trump Media also recently reported dismal earnings – $3.6 million in 2024 revenue alongside a $400 million loss in the same period.
The ETFs are just the Trump family’s latest crypto venture, after launching memecoins earlier this year modeled after the president and first lady’s likeness.
Singapore-based Crypto.com said it will support the backend technology and supply the cryptocurrencies for the funds, which are expected to include a mix of Bitcoin, Cronos – the site’s own coin – and other cryptocurrencies.
The ETFs are expected to be widely available internationally, including in the US, Europe and Asia, according to the press release.
Kris Marszalek, chief executive and co-founder of Crypto.com, said the partnership “will give consumers more options from a brand with a loyal following.”
The funds will be marketed under Trump Media’s fintech brand, Truth.Fi.
Also on Tuesday, World Liberty Financial, a crypto project backed by Trump and his family, said it would launch a stablecoin pegged to government debt.
The token, called USD1, will be backed by short-term US government treasuries, US dollar deposits and other cash equivalents, the company said.
World Liberty Financial said the new coin will be issued on the Ethereum and Binance blockchains.
