Trump Media & Technology Group (DJT) saw its stock price surge 5.11% in intraday trading on Tuesday, following the announcement of a finalized agreement with Crypto.com and Yorkville America Digital for the launch of exchange-traded funds (ETFs).
The company revealed plans to introduce a range of ETFs under its Truth.Fi brand, focusing on US-based industries and digital assets. Trump Media & Technology Group intends to invest up to $250 million of its own funds into the ETF and separately managed account offerings, with Charles Schwab serving as the custodian. The funds are expected to launch later this year, pending regulatory approval, and will be available in the US, Europe, and Asia soon after.
This development marks a significant step for Trump Media & Technology Group in diversifying its portfolio and entering the cryptocurrency and ETF markets. The partnership with Crypto.com, a major player in the crypto space, is likely to boost investor confidence in the company's ability to capitalize on the growing interest in digital assets and themed investment products. The market's positive reaction suggests that investors see potential in this new venture, driving the stock's notable increase.
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