Trump Media Partners with Crypto.com for New ETFs Amid Stock Struggles

NEW YORK, NY — Trump Media & Technology Group (TMTG) saw its shares rise about 9% in after-hours trading on Monday following the announcement of a partnership with Crypto.com to introduce a series of exchange-traded funds (ETFs) and related financial products. This initiative comes as the company, which operates the Truth Social platform, navigates a challenging financial landscape, having previously experienced a 38% decline in stock value earlier this year.

In a press release, TMTG expressed its commitment to launching these new financial offerings later this year, pending regulatory approval. The ETFs will carry a “Made in America” focus, marking another foray into the cryptocurrency space for former President Donald Trump, who is the majority owner of TMTG. This move follows previous efforts to promote Trump-branded non-fungible tokens and memecoins.

“We are excited about our collaboration with Crypto.com, an esteemed name in the cryptocurrency sector,” said a spokesperson for TMTG. “This partnership not only broadens our market reach but also aligns with our vision of integrating traditional finance with innovative digital assets.”

Despite the optimism surrounding this announcement, TMTG’s financial standing has been precarious. The company, with a market cap of around $4.6 billion, has been described as a ‘money-burning’ business, having reported significant losses in the previous quarter while generating revenue of $3.6 million.

Crypto.com will bear the primary responsibility for bringing the new ETFs to market, alongside its U.S. affiliate, Foris Capital. “We believe this collaboration will provide access to a brand with a loyal following,” stated Kris Marszalek, CEO of Crypto.com. The ETFs are expected to include a diverse selection of digital assets, such as Bitcoin and Crypto.com’s native token, Cronos, in addition to traditional securities from various sectors like energy.

Should the ETFs receive the necessary approvals, they are expected to be available for international trading, including in European and Asian markets, through major brokerage platforms and the Crypto.com app, which boasts a user base of 140 million globally.

In other news, Samsung Electronics announced the passing of co-CEO Han Jong-hee due to a heart attack at the age of 63. Han, who had been a pivotal figure in advancing Samsung’s digital appliances and mobile phone divisions, joined the company in 1988 and became CEO in 2022. Samsung released a statement expressing their condolences and lauded Han’s contributions to the company’s growth amidst challenging market conditions.

Following Han’s death, Jun Young-hyun, who was appointed co-CEO in November 2022, will assume the role of sole CEO. Samsung had previously announced leadership changes within its semiconductor divisions as competition in the industry intensified.