[NEW YORK] US President Donald Trump’s social media firm, Trump Media & Technology Group, said on Tuesday (Apr 22) it had reached a binding agreement to roll out an array of retail investment products, including crypto, in its latest bid to diversify into financial services.
The plan, including a series of exchange-traded funds (ETFs) aligned with Trump’s America First policies, followed news of a preliminary agreement reached last month between Trump Media and Crypto.com, a digital asset platform with ties to broker-dealer Foris, and Yorkville America Digital, an affiliate of Yorkville Advisors, a New Jersey-based investment advisory and asset management firm.
Trump Media, which runs 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 available in the US and abroad. So far, no ETF filings have been submitted to the Securities and Exchange Commission website.
“We look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth,” said Devin Nunes, CEO of Trump Media, in a press release.
On Mar 27, Crypto.com said the SEC had informed it that the agency had officially closed a 2024 investigation into the company and would file no 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 opened multiple beachheads in crypto, quickly gaining hundreds of millions of US dollars. Those other crypto forays include Trump NFTs, a meme coin, a stake in a newly formed bitcoin producer called American Bitcoin and the cryptocurrency exchange World Liberty Financial.
The Trump Organization announced in January that the president’s investments, assets and business interests, including his US$2.7 billion stake in Trump Media, would be held in a trust managed by his children and he would play no role in day-to-day operations or decision-making.
A handful of ETFs already offer products with investment strategies that align with Trump’s policy objectives. The largest of these is the American Conservative Values ETF, which has US$110 million in assets, launched in October 2022. 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 assets of US$79.4 million. REUTERS
