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Trump Media and Technology Group Corp., the media firm in which the president holds a controlling stake, is entering the crypto space with the launch of exchange-traded funds (ETFs) focused on digital —known for operating Truth Social, President Donald Trump's preferred social media platform—announced the move in a news release on Tuesday. The company said it would partner with the trading platform and Yorkville America Digital, which it described as an "America-First asset management firm," to roll out a series of ETFs comprising digital assets and conventional securities with "a Made in America focus."Newsweek has contacted TMTG and for comment via email outside regular office It MattersTMTG has described the deal as a "major step forward" in diversifying its operations and offerings, which could open new revenue streams if the venture into the financial sector proves successful.However, as with the president's other business ventures—including those focused on crypto—the partnership is likely to raise concerns over possible conflicts of interest, given Trump's influence over financial policy and regulatory bodies since returning to office on January To KnowAccording to TMTG, the ETFs will prioritize "made in America" sectors such as energy, and they are expected to launch later this year with wide availability in the U.S., Europe and Asia, pending regulatory company plans to invest $250 million of its own cash reserves into the investment funds, which are set to be distributed through 's broker-dealer, Foris approval of TMTG's new offerings will likely come from the Securities and Exchange Commission (SEC), which is chaired by Paul , whom Trump nominated for the role in December, was sworn in on March, the SEC concluded a seven-month investigation into 's operations without pursuing any enforcement action against the same month, TMTG announced plans to collaborate with on launching ETFs through its fintech brand, . Additionally, in February, TMTG filed trademark applications for various financial products, including shares rose after Tuesday's announcement, ending the day 5.2 percent higher. This came alongside a wider rally in U.S. stocks, with the S&P 500 gaining 2.5 percent and both the Dow Jones and Nasdaq Composite up 2.7 percent at the closing bell. However, TMTG stock is down more than 30 percent in the year to date ahead of Wednesday's market president maintains a 52.9 percent stake in TMTG, which also operates the streaming platform Truth+, that is held alongside his other investments and assets in a revocable trust managed by his eldest son, Donald Trump is not the Trump family's first foray into the world of digital assets. In the days prior to his second inauguration, Trump and his wife launched their own "meme coins." The price of both cryptocurrencies has fallen significantly since their launch, though both rose by more than 10 percent since the announcement of TMTG's new partnership with People Are SayingTMTG CEO and Chair Devin Nunes said in the news release: "This agreement is a major step forward in diversifying TMTG into financial services and digital assets. We're gratified to work with great partners, and Yorkville America Digital, and look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth."Kris Marszalek, a co-founder and the CEO of , said in the news release: " is the leading platform to bridge crypto and traditional finance, and this agreement is a testament to those capabilities. This partnership gives the Trump Media ETFs global distribution powered by the platform. It's a win for Trump Media, , CRO, and Yorkville America Digital."What Happens NextTMTG did not indicate when it expected to receive regulatory approval for the ETFs or offer a projected launch date. It said in the announcement, "The funds are expected to launch later this year."
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