Trump Media & Technology Group (DJT) stock, which rose 8.35% on Tuesday, rose after the Truth Social operator announced that it would be partnering with Crypto.com to release a new line of exchange traded funds (ETFs). DJT shares opened up about 11% higher in early trading but has fallen more than 30% year to date after soaring late last year on the election of President Donald Trump. At one time, the stock was seen as a way to gauge how well Trump was likely to do in the White House. Now, a non-binding agreement with Crypto.com could bring some new life to the DJT name. The ETFs will include digital assets and securities with a “Made in America” focus with the help of Crypto.com’s technology and crypto products. It’s somewhat ironic that this patriotic sales pitch is coming from a Singapore-based partner, which just over a year ago sued the U.S. Securities and Exchange Commission, claiming it had overstepped its bounds after receiving a Wells notice.
The ETF lineup will include Bitcoin (BTCUSD), Cronos, and other crypto assets in a ‘unique basket’ according to Trump Media. However, Bitcoin was uninterested, falling 0.5% over the past day to $86,500. The real action was in Cronos, Crypto.com’s token, which surged more than 30% to $0.1072.
