Trump Media, Crypto.com, and Yorkville America Digital finalise agreement for ETF launch
Trump Media and Technology Group Corp, operator of the social media platform Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi, has signed a binding agreement to partner with US crypto trading platform Crypto.com and asset management firm Yorkville America Digital to launch a series of ETFs and ETPs through the Truth.Fi brand.
The deal follows a non-binding agreement signed between the companies in March. Davis Polk & Wardwell LLP will be advising the parties on the development and launch of the products.
The ETFs, made available through Crypto.com’s broker dealer Foris Capital US LLC, are expected to comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy, the announcement says.
Subject to regulatory approval, the funds are expected to launch later this year and be widely available internationally including in the US, Europe, and Asia, across existing platforms and brokerages.
TMTG CEO and Chairman Devin Nunes says: “This agreement is a major step forward in diversifying TMTG into financial services and digital assets. We’re gratified to work with great partners, Crypto.com and Yorkville America Digital, and look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth.”
“Crypto.com is the leading platform to bridge crypto and traditional finance, and this agreement is a testament to those capabilities,” says Kris Marszalek, Co-Founder and CEO of Crypto.com. “This partnership gives the Trump Media ETFs global distribution powered by the Crypto.com platform. It’s a win for Trump Media, Crypto.com, CRO, and Yorkville America Digital.”
“Finalising our agreement with Trump Media and Crypto.com for our ETF launch is a significant milestone as we work to bring to market new products that align with the America-First focus of our firm,” says Troy Rillo, CEO of Yorkville America Digital. “This is an exciting moment and we anticipate substantial interest in the ETFs upon their launch later this year.”
The ETFs are planned to launch alongside a slate of Truth.Fi Separately Managed Accounts (SMAs), the firm writes. The ETFs and SMAs, both of which TMTG is planning to invest in via its own cash reserves, are part of a TMTG financial services and FinTech strategy using up to USD250 million to be custodied by Charles Schwab.