Source: Cointelegraph Original: "{title}"
The Trump Media and Technology Group, under U.S. President Trump, has signed an agreement with the cryptocurrency exchange Crypto.com to launch an exchange-traded fund (ETF) themed around "Made in America."
Trump Media, which operates the Truth Social social media platform, announced on April 22 that it has signed a binding agreement with Crypto.com and asset management firm Yorkville America Digital to launch the ETF product. These ETFs "are expected to include digital assets and securities, focusing on the Made in America theme, covering multiple industries such as energy."
The funds will be issued through Truth.Fi, a decentralized finance brand under Trump Media, and sold through Crypto.com's brokerage Foris Capital. The funds are expected to launch later in 2025, with the exact timing dependent on regulatory approval.
Trump Media plans to invest a portion of its cash reserves into these ETFs, which will be launched alongside several independently managed accounts by Truth.Fi. The U.S. law firm Davis Polk will provide consulting services for product development and issuance.
This plan is part of the company's financial services and fintech strategy, utilizing up to $250 million in funds held by Charles Schwab, stemming from a partnership agreement reached with the bank in January of this year.
The finalization of this agreement follows a non-binding agreement signed between Trump Media and Crypto.com in March.
This will be the latest cryptocurrency-related project involving the Trump family. In October of last year, the Trump family assisted in launching the cryptocurrency platform World Liberty Financial, which has associated tokens and plans to issue a stablecoin.
President Trump's two sons, Eric Trump and Donald Trump Jr., are also involved in a cryptocurrency mining project called American Bitcoin.
As the cryptocurrency market rebounds, institutional investment interest in U.S. spot Bitcoin (BTC) ETFs has turned a corner, with total inflows exceeding $1 billion so far this week.
In recent weeks, the broader market has been in a slump due to Trump's escalation of trade war concerns and threats of increased tariffs (which were ultimately implemented in early April), causing Bitcoin ETFs to suffer from capital outflows.
Meanwhile, Crypto.com's native token Cronos (CRO) rose 12% to $0.09 following the company's agreement with Trump Media. However, the exchange's token is still down 90% from its historical high of nearly $1 in 2021.
Related: CEOs of Consensys, Solana, and Uniswap donate to Trump's $239 million presidential inauguration fund.
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