- Trump’s Truth Social partners with Crypto.com for $CRO ETFs, will include a first-of-its-kind ETF basket of cryptocurrencies.
- ZachXBT criticizes Truth Social’s choice, citing Crypto.com’s token reissuance against community wishes.
- TMTG plans major crypto expansion, including Bitcoin ETFs, with $250M in Schwab-held funds.
Trump Media and Technology Group (TMTG) along with Crypto.com will launch exchange-traded funds and products through its Truth.Fi brand. Crypto.com’s broker-dealer Foris Capital, will act as the issuer, according to a company press release. The proposed ETFs will include a first-of-its-kind ETF basket of cryptocurrencies, such as CRO, BTC and securities. Trump’s team aimed to position the fund as “Made in America ” across various industries, per sources.
The funds, subject to regulatory approval, are slated to go live later this year and will be available globally, including in the U.S., Europe and Asia. Kris Marszalek, CEO of Crypto.com, highlighted the significance of the collaboration, calling it “the world’s first ETF with $CRO”, the native token of the exchange.
His statement sparked mixed reactions, especially from ZachXBT. The on-chain investigator criticized the move and reminded the community of Crypto.com’s controversial incident where the exchange burned 70 billion CRO tokens, increasing the tokens’ supply against the majority community vote. A key concern against re-minting the 70 billion tokens was that it would significantly increase CRO’s circulating supply (200%), which would dilute the value of each coin.
ZachXBT also criticized Truth Social’s decision to partner with Crypto.com, instead of reputable exchanges like Coinbase, Kraken, or Gemini.
Trump Media’s $250 Million Crypto Venture: Bitcoin and US Industrial Focus
Truth Social, a social media platform owned by Trump’s TMTG has gained massive traction. TMTG, earlier filed trademark requests for multiple financial investment products targeting U.S. businesses and cryptocurrency markets. The move was seen as the firm’s first significant financial sector expansion, aiming to specialize in Bitcoin and other U.S.-based industrial activities.
TMTG has also dedicated up to $250 million to fund products that Charles Schwab will maintain as safekeeping. Through these ventures, the company expands its portfolio while bringing together investors who want exposure to Bitcoin and U.S. energy and manufacturing sectors.
