Trump Media Launches Crypto ETFs with Crypto.com

By: Isha Das

Trump Media & Technology Group (TMTG) has partnered with Crypto.com and Yorkville America to launch a suite of exchange-traded funds (ETFs), marking another major step into the crypto space. Announced on March 24, these new financial products are branded under TMTG and set to combine both digital and traditional assets. This strategic move will see a crypto-heavy ETF basket featuring prominent cryptocurrencies such as Bitcoin and Crypto.com’s own token, Cronos (CRO), among others. According to the deal, Crypto.com will provide essential backend technology and custodial services via its US Trust Company, managing the supply for the ETFs which will be distributed through its subsidiary, Foris Capital US LLC.

Crypto.com’s CEO, Kris Marszalek, expressed optimism about the initiative, emphasizing the potential for consumers to gain wider exposure to cryptocurrencies through well-established brands. Upon approval, these ETFs will be available through the Crypto.com app to users in eligible regions. Truth Social, a subsidiary of TMTG, is tasked with filing the ETF application with the US Securities and Exchange Commission (SEC) shortly. This venture follows TMTG's recent activities in the crypto sector, which included several NFT collections and the revelation of the DeFi project, World Liberty Financial (WLFI).

However, this strategic partnership has not been devoid of controversy. On-chain investigator ZachXBT criticized the decision to collaborate with Crypto.com, highlighting skepticism due to the recent controversy surrounding the reissuance of 70 billion CRO tokens by Crypto.com—initially burned in 2021. The reissue has sparked debates among community members about centralization and long-term market implications. Marszalek, during a recent AMA, defended the reissuing move, positioning it as a necessary adaptation to dynamic regulatory environments and expanding institutional support for crypto assets.

Despite the criticism, the announcement of the new partnership led to a notable increase in the value of Cronos (CRO) as investors flocked to the token following the news. The partnership underscores the growing intersection between established media companies and the burgeoning crypto economy, showcasing how businesses strategize to navigate and capitalize on the evolving financial landscape.