President Donald Trump’s social media company, Trump Media & Technology Group, said on Tuesday it had reached binding agreements to launch a range of retail investment products, including cryptocurrencies, in its latest move to diversify into financial services.
The plan includes a series of exchange-traded funds that align with Trump’s “America First” policies. It follows news last month that Trump Media had reached preliminary agreements with Crypto.com, a digital asset platform with ties to broker-dealer Foris LLC, and Yorkville America Digital, an affiliate of Yorkville Advisors, a New Jersey-based investment advisory and asset management firm.
Trump Media, which operates the Truth Social streaming and social media platform, said the funds are expected to launch later this year, subject to regulatory approval, and will be widely distributed in the United States and abroad. To date, no ETF applications have been submitted to the Securities and Exchange Commission’s (SEC) website.
“We look forward to bringing the ETF to market and serving investors who believe in tremendous growth for both the U.S. economy and digital assets,” Trump Media CEO Devin Nunes said in a press release.
On March 27, Crypto.com said it had been notified by the SEC that it had formally closed its 2024 investigation into the company and would not pursue any enforcement action against it.
Trump Media, Crypto.com, Foris and Yorkville did not immediately respond to requests for comment.
The Trump family, long rooted in skyscrapers and country clubs, has carved out multiple beachheads in the cryptocurrency space, quickly making hundreds of millions of dollars in profits. Other forays into cryptocurrency include Trump NFTs, a meme coin, shares in newly formed bitcoin producer American Bitcoin, and cryptocurrency exchange World Liberty Financial.
The Trump Organization announced in January that the president’s investments, assets and business interests, including his $2.7 billion stake in Trump Media, would be held in a trust managed by his children, and he would not be involved in day-to-day operations or decision-making.
Some ETFs have launched products whose investment strategies align with Trump’s policy goals. The largest of these is the American Conservative Value ETF, which launched in October 2022 and has $110 million in assets. The “God Bless America” ETF, launched the same month, describes itself on its website as “an investment for God-fearing, flag-waving conservatives” and has $79.4 million in assets.
