Tech Titan's Bold Bet

Trump Media Shares Soar on ETF Deal with Crypto.com

Former President Donald Trump's media company saw its shares surge on Tuesday after announcing a deal with cryptocurrency exchange Crypto.com to launch a new exchange-traded fund (ETF) focused on digital assets.

Trump Media & Technology Group (TMTG) shares rose as much as 15 percent in morning trading, reaching $10.50 per share, after the company announced the partnership with Crypto.com, a leading digital asset exchange.

The new ETF, which is expected to launch later this year, will track the performance of a basket of digital assets, including cryptocurrencies like Bitcoin and Ethereum, as well as other digital assets and tokens.

"This is a major milestone for our company and a testament to the growing importance of digital assets in the global financial landscape," said TMTG CEO Devin Nunes. "We're excited to partner with Crypto.com, a company that shares our vision for the future of finance and technology."

The deal is seen as a major coup for Trump Media, which has been working to establish itself as a major player in the digital asset space. The company has been exploring various revenue streams, including the launch of a digital asset trading platform and the creation of a new cryptocurrency.

Crypto.com CEO Kris Marszalek said the partnership with TMTG is a "game-changer" for the company, adding that it will allow them to expand their offerings and reach a wider audience.

The ETF deal comes as the digital asset market continues to experience rapid growth, with many investors and institutions increasingly interested in the potential of cryptocurrencies and other digital assets.

TMTG shares have been volatile in recent weeks, but the company's announcement of the Crypto.com deal has helped to boost investor confidence. The company's market capitalization has increased by over 50 percent since the announcement, reaching $1.2 billion.