Suzanne McGee and Michelle Conlin
(Reuters) – Trump Media Technology Group, US President Donald Trump’s social media company, said Tuesday it reached a binding agreement to roll out a variety of retail investment products, including Crypto, in its latest bid to diversify into financial services.
The plan, which includes a series of exchange trade funds in line with Trump’s first US policy, reached between broker dealer Foris LLC and Yorkville America Digital, an affiliate of Yorkville Advisors.
Trump Media, which operates the Truth Social Streaming and Social Media Platform, said the funding will begin later this year and be subject to regulatory approval and will become widely available in the US and abroad. So far, no ETF filings have been filed on the Securities and Exchange Commission website.
“We look forward to bringing ETFs to the market for investors who believe both the US economy and digital assets are experiencing incredible growth,” Trump Media CEO Devin Nunes said in a press release.
On March 27, Crypto.com said the SEC had notified that the agency officially shut down its 2024 investigation and would not carry out enforcement action on it.
Trump Media, Crypto.com, Foris and Yorkville did not immediately respond to requests for comment.
Long entrenched in skyscrapers and country clubs, Trump families quickly launched multiple beach heads in code, quickly gaining hundreds of millions of dollars. Other crypto forays include Trump NFTS, Memecoin, and the newly formed Bitcoin producer stock called American Bitcoin, and Cryptocurrency Exchange World Liberty Financial.
The Trump organization announced in January that the president’s investments, assets and business interests, including $2.7 billion in Trump media, will be retained in the trust his children manage, and that he will not play a role in daily operations or decision-making.
A small number of ETFs already offer products with investment strategies that are consistent with Trump’s policy goals. The biggest of these are the US conservative value ETFs launched in October 2022 with assets of $110 million. The God Breath America ETF launched the same month, describing its website as an “investment in God-fearing, flag-waving conservatives,” and has a wealth of $79.4 million.
(Reporting by Suzanne McGee, Editing by Richard Chan)
