Trump Media has announced a new partnership with cryptocurrency exchange Crypto.com to develop a series of exchange-traded funds (ETFs) focused on digital assets and securities with an emphasis on "Made in America" investments.
According to a March 24 statement, Trump Media & Technology Group Corp (TMTG), which operates Truth Social and Truth.Fi, signed a non-binding agreement to launch the ETFs through Crypto.com's broker-dealer subsidiary Foris Capital US LLC, pending regulatory approval.
The proposed ETFs will include a basket of cryptocurrencies like Bitcoin, Ether, Solana, XRP, and Cronos, with Crypto.com providing infrastructure and custody services. The funds are expected to be available globally across the US, Europe, and Asia on existing brokerage platforms.
"Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world," said Crypto.com CEO Kris Marszalek.
The launch is planned to coincide with new Truth.Fi Separately Managed Accounts (SMA), which TMTG intends to support with its cash reserves.
However, the venture has drawn criticism from Democratic lawmakers who have raised concerns about potential conflicts of interest between Trump's presidential duties and his organization's crypto-related business activities, including ownership of the World Liberty Financial platform and the Official Trump (TRUMP) memecoin.
House Representative Gerald Connolly has labeled the TRUMP token a "money grab," claiming Trump-linked entities have collected over $100 million in trading fees. Representative Maxine Waters also criticized the memecoin, describing it as a "rug pull" representing the "worst of crypto."
The new ETF products are scheduled to launch later this year, subject to obtaining necessary regulatory approvals.