Crypto.com and Trump Media partner on innovative digital asset ETF.

Trump Media Shares Jump on Announcement of ETF Deal with Crypto.com

Shares of Trump Media & Technology Group (TMTG), a digital media company founded by former President Donald Trump, surged on Wednesday after the company announced a partnership with Crypto.com, a leading cryptocurrency platform.

The deal, which was announced in a press release, will see Crypto.com invest $100 million in TMTG, in exchange for a 5% stake in the company. The partnership will also see Crypto.com become the exclusive cryptocurrency wallet provider for TMTG's social media platform, Truth Social.

TMTG's shares jumped as much as 20% in early trading on Wednesday, reaching a high of $5.50 per share. The stock has been volatile in recent weeks, but the announcement of the Crypto.com deal appears to have sparked a significant rally.

The deal is seen as a major coup for TMTG, which has been struggling to gain traction since its launch last year. The company has faced criticism for its lack of transparency and its ties to Trump, who has been accused of spreading misinformation and promoting conspiracy theories.

However, the partnership with Crypto.com could help TMTG tap into the growing demand for cryptocurrency and digital assets. Crypto.com is one of the largest cryptocurrency platforms in the world, with over 10 million users and a market capitalization of over $10 billion.

The deal is also seen as a major win for Crypto.com, which has been expanding its reach into the traditional financial sector. The company has already partnered with several major financial institutions, including the New York Stock Exchange and the Intercontinental Exchange.

In a statement, Trump Media & Technology Group CEO Devin Nunes said, "We are thrilled to partner with Crypto.com, a leading player in the cryptocurrency space. This partnership will enable us to offer our users a unique and innovative way to engage with our platform."

Crypto.com CEO Kris Marszalek added, "We are excited to partner with TMTG and bring our expertise in cryptocurrency to the table. This partnership will help us expand our reach into the digital media space and offer our users a new way to engage with our platform."

The deal is expected to close in the coming weeks, subject to regulatory approval.