For anyone who wondered what happened to Cronos (CRO) for the past few days, with a surge of 40% intra-day at some point, we have the answer: Trump Media and Technology Group (TMTG) partnered with Crypto.com to launch a series of ETFs and ETPs (exchange-traded products).
CRO will be part of the basket of the ETFs, alongside BTC and other unnamed digital assets and US-based securities.
Trump Media will also use its cash reserves to invest in these ETFs.
Crypto.com app will also serve as one of the points from which these ETFs could be bought. They will also provide the custody of the cryptocurrency.
The ETFs will be managed by Trump Media's financial services brand, Truth.Fi, while Crypto.com’s broker-dealer, Foris Capital, is facilitating the offering.
So, Crypto.com is quite heavily involved in this, through their token, their brokerage firm, custody of crypto, and their app. And of course, we know they like to make deals that put them in the spotlight and visible.
These ETFs would also be available through various platforms and brokerage firms in the US, Europe, and Asia after they receive the regulatory go-ahead, and expected to be launched "later this year".
One thing is clear. Trump could do well for crypto prices after all, but only if he and his family has something to win out of it. This is at least more honest than winning while hiding it, which I'm sure most politicians do, whatever is the field they touch or where they are from (mostly).
This is another decent indicator we will have a "normal" end of the bull market, that wasn't cut short, as enough people have thought at one point. They wouldn't plan to launch these ETFs in a bear market.
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Crypto.com really knows how to stay in the game. The CRO pump makes a lot more sense now. Guess Trump figured, if you can’t beat crypto, make money off it, classic Trump move
That's what I was looking for too. I didn't know what happened and why did CRO pump, and since I have some CRO locked for my card, I was interested.
Yeah, he's one of the guys who turned 180 on crypto.
a sharp 180 on crypto 🤣🤣🤣
It's interesting to see the ETFs, but I am wondering which cryptos they use to make the basket. Then again, we might see a similar situation to the index funds where the cryptos in the ETFs get most of the money flowing in.
They didn't say, other than BTC and CRO. The tokens in the basket will definitely get the boost (if they do; for example, ETH didn't get much of a boost after its ETFs were launched), but there are investors who invest in crypto as an asset class, and if things start to look positive they will invest in what they choose, maybe their own basket, to make up their portfolio. So, I think we will have a broader crypto bull run, if it happens, even if maybe not generalized.
crypto.com would become more relevant with this development
Yes, it probably will move up a bit, although at 140m users, it's quite a big one in crypto. But I think they want to attract more mainstream people.
A lot of people were willing to have these trade-off in December. It's probably a deal with the devil, but they don't think it matters, since we're getting a crypto president. It's been over 3 months and these people are beginning to doubt if Trump was for the people afterall
Pacts with the devil always come with small print. He may or may not be "the devil", but he certainly shakes things up.
I guess the Trump brand is extending its tentacles across the space, through numerous deals and partnerships with existing crypto brands. Another good aspect of it is it gives those sitting on the sidelines the assurance/confidence to jump into the space.
If they like Trump... If they really don't, it may have the opposite effect, for other people.
Cronos getting pumped up is really surprising to me
Not to me, in this situation.
Trump has made another impact on the crypto world
Trump is full of "impacts".