- Trump Media joined hands with Crypto.com crypto exchange to develop ETF products.
- While the CRO token soared over 30%, Trump Media shares also jumped by 9% after the announcement.
Trump Media and Technology Group (TMTG) announced a partnership with Crypto.com crypto exchange to develop exchange-traded fund products. TMTG, the operator of the Truth Social platform, Truth+ streaming platform, and Truth. Fi FinTech Brand partnered with the crypto exchange platform, as per GlobalNewswire.
The partnership between Crypto.com and Trum Media aims to create innovative ETF products ranging from digital assets and securities. With a focus on “Made in America,” they aim to include a diverse range of industries. While Crypto.com offers back-end technology, custody, and supply, ETF products will be launched through the Truth.Fi brand.
CRO Token Soars Following the Announcement
The announcement mentioned the possibility of launching crypto ETF products including Bitcoin and Cronos among others. Being the native token of the Crypto.com exchange platform, the CRO market price started to soar.
The CRO token broke its month-long downtrend and witnessed a sharp spike following the partnership announcement. It is trading at $0.1075 at press time with more than 30% daily surge. While the market cap is up by 30%, its 24-hour trading volume surged by a whopping 1368%.
What About Trump Media (TMTG) Shares?
The Crypto.com and Trump Media partnership not only triggered a price surge in the CRO token. Even the Trump Media shares also witnessed a rise of around 10.76% in extended trading hours.
The Trump Media shares have been trending downwards even though Donald Trump won the US elections in 2024. Last month, they reported a loss of $400 million in 2024. The total revenue of the TMTG or 2024 is only $3.6 million. However, a partnership with one of the top crypto exchanges such as Crypto.com made its shares witness an uptrend again.
Donald Trump holds the majority of the shares of Trump Media. The present announcement raised concerns over the true intentions of Donald Trump behind this partnership. Donald Trump has already faced accusations over his TRUMP memecoin launch ahead of his inauguration.
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