Trump Media shares rise on ETF partnership with Crypto.com

Investing.com-- U.S. President Donald Trump’s eponymous media firm said on Monday that it will partner with Crypto.com to issue exchange-traded funds with a focus on “Made in America” industries and assets. 

Trump Media & Technology Group Corp (NASDAQ:DJT) shares soared 9.4% in aftermarket trade to $22.99 after the announcement. 

The company said on Monday evening that it had signed a non-binding agreement with the Singapore-headquartered cryptocurrency exchange to launch new ETFs through the former’s Truth.Fi fintech brand. 

The ETFs will comprise digital assets and securities with exposure to American industries, such as energy. The ETFs will include Bitcoin, Crypto.com’s Cronos (NASDAQ:CRON) CRO/USD, and other crypto assets, the firms said in a statement.

Crypto.com will provide custody, support the backend, and supply crypto assets for the ETFs. 

The partnership comes amid hopes that Trump will pass more friendly regulations for crypto. The U.S. President had campaigned on a pro-crypto platform in the 2024 elections, and had vowed to dole out regulatory relief for the industry. 

Trump recently signed an executive order where all of the U.S. government’s confiscated crypto holdings will be turned into a strategic reserve. His administration will also explore budget neutral means to purchase crypto. 

Trump also launched his own memecoin, $TRUMP, although the crypto slumped to record lows in just a month since its launch. 

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