Truth Social’s parent company has successfully landed a deal with Crypto.com to launch its own exchange-traded funds, which caused a spike in the company’s stocks.
The deal by Trump Media & Technology Group will see the ETFs marketed under the company’s fintech brand, Truth.Fi and is the latest venture by the Trump brand into cryptocurrency. Shortly after achieving this deal, in which Crypto.com and its broker dealer, Foris Capital, will do much of the heavy lifting in bringing these ETFs to market, TM&TG’s stocks bumped up by over 9%, going from around $21.01 on Monday to $23.24 once trading opened on Tuesday morning.
ETFs are a combination of asset investments such as stocks and bonds, and like stocks, investors can buy or sell ETFs throughout the trading day.
“These ETFs give consumers more options from a brand with a loyal following,” Crypto.com CEO Kris Marszalek said. “Once launched, these ETFs will be available on the Crypto.com App for our more than 140 million users around the world.”
Crypto.com was founded in 2016 and has since reached 140 million users across the globe.
TM&TG applied to register a trademark for a Truth.Fi Bitcoin Plus ETF last month, as well as trademarks for a Made in America ETF and U.S. Energy Independence ETF. President Donald Trump also launched his own “meme coin” in January titled $TRUMP.
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Trump became the first president to address a cryptocurrency conference last week, during which he underscored the need to make the United States a “bitcoin superpower.”
Last week, TM&TG announced that its streaming platform, Truth+, is now available to stream on Roku to provide more audiences with “non-woke TV and movies.” The platform has also been made available to stream on Apple and Android televisions and devices in the seven months since its launch.