(Reuters) – President Donald Trump's media company Trump Media & Technology Group said on Monday it was partnering with crypto.com to launch funds and products traded on the exchange through the Truth.fi brand.
Shares in the company that operates social media platform Truth Social rose 10.5% after Monday's bell, but fell 38% over the past 12 months.
According to the statement, ETFs available from Foris Capital, a broker-dealer at Crypto.com, include digital assets and securities with “Made in America Focus” across a variety of industries.
Funds are expected to begin later this year and will be available internationally, including the US, Europe and Asia.
crypto.com provides ETFs with back-end technologies, custody and cryptocurrency, such as Bitcoin and Chronos.
Trump Media announced in January that it will launch financial services and fintech brand Truth.fi.
Its board also allowed investments of up to $250 million through Charles Schwab. This was trying to diversify cash holdings, exceeding $700 million at the end of the previous year.
Trump Media said it plans to allocate these funds to a variety of investment options, including ETFs, individually managed accounts and cryptocurrency.
In February, Trump Media said it was applied to trademarks of six investment products that track Bitcoin and the US manufacturing and energy sector.
Trademarks include Truth.fi Bitcoin Plus etf, Truth.fi Made in America etf and Truth.fi US Energy Independence ETF.
(Reporting by Juby Babu in Mexico City, Editing by Vijay Kishore)
