On March 24, Trump Media & Technology Group, or TMTG (Nasdaq: DJT) — majority-owned by President Donald Trump — announced a strategic partnership with Crypto.com, a crypto exchange, to launch exchange-traded funds (ETFs) tied to cryptocurrencies.
Planned to launch later this year, these ETFs will be tied to Bitcoin and Cronos, among other cryptocurrencies.
As per the statement, Crypto.com will make these funds available through its broker-dealer Foris Capital US LLC in the United States, Europe, and Asia, across existing platforms and brokerages. Truth Social, a unit of TMTG, will be the brand launching the ETFs.
TMTG CEO and Chairman Devin Nunes said, "We're excited to join Crypto.com, along with our partner Yorkville America, to launch America First investment products supporting innovative crypto ventures, great American companies, and cutting-edge technologies.”
Crypto.com co-founder and CEO Kris Marszalek said, "These ETFs will give consumers more options from a brand with a loyal following. Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world."
The DJT stock reacted positively to the announcement and jumped more than 8% within a day. It was trading at $22.74 at the time of writing.
The project is only the latest among the crypto ventures launched by companies owned or backed by Trump.
TMTG already operates a financial platform titled Truth.Fi in January.
Besides, World Liberty Financial, the decentralized finance (DeFi) venture co-founded by Trump’s old friend Steve Witkoff and his sons, has been testing a USD-pegged stablecoin. DT Marks DEFI LLC, an entity linked to Trump, is set to receive 75% of the company’s net revenue.
So far, World Liberty Financial has raised $550 million from two rounds of WLFI token offerings.
Ahead of his inauguration as the president in January, Trump launched an eponymous meme coin. His wife Melania soon followed suit. Both the meme coins tanked dramatically within days of launch.
Trump's crypto ventures draw criticism from the Democrats
Trump’s crypto ventures have drawn criticism from several quarters for alleged conflicts of interest.
On Feb. 27, 2025, Rep. Sam Liccardo (D-CA) introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act that aims to prohibit the president, Congress members, and other senior officials from issuing or sponsoring cryptocurrencies in order to address concerns about transparency, insider trading, and foreign influence. The bill has not progressed so far.
