President Donald Trump's media firm has signed a non-binding settlement to companion with Crypto.com in providing exchange-traded funds.
Trump Media and Expertise Group, which runs Trump's social media platform, Reality Social, introduced the partnership Monday.
The announcement famous that the ETFs would supply buyers publicity to cryptocurrencies like Bitcoin, Cronos, and "various industries comparable to vitality."
TMTG CEO and Chairman Devin Nunes stated that it was wanting “to create creative funds incorporating corporations that think about speedy progress, technological innovation, and strengthening the U.S. economic system."
The agency didn’t instantly reply to Decrypt's questions.
Crypto.com gives clients a digital asset buying and selling platform. It additionally launched a debit card which permits shoppers to spend crypto and earn rewards.
The corporate added in Monday's announcement that after launched, the ETFs can be obtainable on the Crypto.com app.
ETFs are well-liked funding autos that commerce on inventory exchanges and provides buyers publicity to an underlying asset. The SEC gave the inexperienced gentle to Bitcoin ETFs final yr, resulting in a flood of capital into the house. The 11 funds presently buying and selling now handle about $100 million in belongings. Ethereum-focused funds have generated about $2.5 billion internet inflows.
The success of those funds has prompted main asset managers to file a spread of ETFs monitoring altcoins, together with Litecoin, Dogecoin, Cardano and Solana.
Forward of his November victory, President Trump promised to assist the crypto trade and slash regulation. A variety of trade leaders donated closely to the Trump presidential marketing campaign.
He has to date caught to a lot of his campaign-trail guarantees, together with establishing a Bitcoin strategic reserve.
Decrypt reported Monday that the President Trump-backed decentralized finance venture World Liberty Monetary had launched its personal stablecoin.
Edited by James Rubin
UPDATE (March 24, 2025, 6:38 p.m. ET): Provides Nunes quote and background.
