Expanding Horizons: Trump Media & Technology Group Ventures into Crypto ETFs
Trump Media & Technology Group (TMTG), the company behind Truth Social, is making waves in the digital assets and finance world with its latest move into crypto exchange-traded funds (ETFs).
On April 22, the company announced a strategic partnership with Crypto.com and Yorkville America Digital to launch a series of ETFs under the brand name “Truth.Fi”. These ETFs will offer exposure to digital assets as well as key US sectors such as energy, with plans to make them available to investors across North America, Europe, and Asia through existing brokerage platforms.
With a commitment of up to $250 million of its own capital, TMTG is set to bring these new financial instruments to market, with Charles Schwab serving as the primary custodian. This move signifies the company’s ambition to merge traditional finance with digital assets, while extending the reach of the Truth brand beyond social media.
Devin Nunes, CEO and Chairman of TMTG, expressed his enthusiasm for the partnership, stating, “This agreement is a major step forward in diversifying TMTG into financial services and digital assets. We look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth.”
Rally in Trump-related Assets
The announcement of the ETF launch had a notable impact on Trump-related assets, with shares of Trump Media surging over 5% to reach $23.20, marking its highest level since March. Additionally, interest in the TRUMP memecoin soared, with the token seeing a 7% increase in the past 24 hours, reaching nearly $9, according to data from CryptoSlate.
Despite this recent uptick, the TRUMP memecoin is still down more than 88% from its peak in January when it reached $71. These developments underscore the convergence of Trump’s media ventures, digital finance, and political influence.
While Trump remains the majority shareholder of TMTG, a company now valued at over $5 billion, the ownership structure of the TRUMP memecoin is less transparent. The token’s website indicates that CIC Digital LLC and Fight Fight Fight LLC, both Trump-affiliated entities, control around 80% of the token supply, although the extent of Trump’s personal involvement in the project remains unclear.