The native token Crypto.com outpaced most digital assets Monday after Trump Media and Technology Group announced plans to develop exchange-traded funds with the exchange.
Cronos (CRO) is up 30% over the last 24 hours to $0.10, CoinGecko data shows, following a significant surge on the announcement of Trump’s company, which runs Truth Social.
Trading volume for CRO exploded almost six times from $21 million to $126 million by Monday evening as traders raced to capitalize on the presidential connection.
The daily transactions chart from CronoScan shows that transactions have more than doubled from roughly 40,000 to over 82,000.
ETFs for Bitcoin, Cronos, and diverse industries
The alliance between the pair seeks to create “inventive funds” with firms that “concentrate on rapid growth, technological innovation, and strengthening the U.S. economy,” TMTG CEO Devin Nunes said in a statement.
TMTG also revealed that the ETFs underway would include exposure to Bitcoin, Cronos, and “diverse industries such as energy,” contradicting earlier announcements that omitted the inclusion of the CRO token.
Products will launch under the “Truth.Fi” brand across U.S., European, and Asian markets, pending regulatory approval in the hope of aligning with a strategy underscored by President Trump’s economic agenda.
The arrangement places President Trump’s media company in business with a Singapore-based firm that previously faced SEC scrutiny just five months ago.
The SEC filed notice in October last year that it intended to sue Crypto.com for operating an unregistered securities exchange, allegations the company firmly rejected and countered in a lawsuit of its own.
By December, the crypto firm had dropped its suit right when its CEO met with then-President-elect Trump.
In the same month, Trump transferred roughly $4 billion worth of his roughly 53% stake in TMTG through a trust controlled by his son, Donald Trump Jr., making him the company’s largest shareholder of the media venture, SEC filings show.
Edited by Sebastian Sinclair