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Trump Media Partners with Crypto.com to Launch ETFs Through Truth.Fi

Trump Media & Technology Group, the company behind the Truth Social platform, announced on Monday that it has partnered with Crypto.com to launch exchange-traded funds (ETFs) and related products under its Truth.Fi brand. This collaboration is aimed at offering financial products that include both digital assets and traditional securities with a “Made in America” focus.

Following the announcement, Trump Media’s shares rose 10.5% in after-hours trading, though the company’s stock has fallen 38% over the past three months.

The ETFs, which will be available through Crypto.com’s broker-dealer Foris Capital, are expected to include cryptocurrencies like bitcoin and cronos, alongside securities from various industries. These funds are slated for launch later this year and will be offered in the U.S., Europe, and Asia.

Crypto.com will provide key infrastructure, including backend technology, custody services, and cryptocurrency support for the ETFs.

The partnership follows the January launch of Trump Media’s Truth.Fi brand, signaling the company’s expansion into financial services and fintech, particularly in the cryptocurrency space. Trump Media had previously announced plans to invest up to $250 million through Charles Schwab to diversify its cash holdings, which stood at over $700 million at the end of 2024. This new venture includes investments in ETFs, separately managed accounts, and cryptocurrencies.

Trump Media also revealed in February that it has applied for trademarks for several investment products, including the Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi U.S. Energy Independence ETF, which focus on sectors like bitcoin, U.S. manufacturing, and energy.

Why a Major Shift to US Clothing Production is Unlikely

The push for U.S.-made clothing, fueled by President Donald Trump’s “Made in America” initiative, has led some U.S. retailers to explore domestic manufacturing for items such as T-shirts, suits, and coats. Despite this, industry executives say large-scale reshoring of clothing production is unlikely due to limited capacity and higher costs associated with labor and tariffs on imported materials.

Retail executives like Mitch Gambert, owner of Gambert Shirtmakers, have noted an increase in inquiries from U.S. brands seeking to reshore production, driven by the impact of Trump’s tariffs. Gambert, who manufactures shirts for Nordstrom, indicated that domestic production would be a major positive for his business, but capacity constraints remain a challenge. He also highlighted the increased costs of materials, such as buttons and zippers, due to tariffs on imports from China.

While some companies, such as Reformation, have placed more orders with domestic suppliers to adapt to tariff changes, others like Joe Ferrara of Ferrara Manufacturing, which makes clothing for Ralph Lauren, see a growing demand for small-batch, quick-turnaround products like wool coats and blazers. However, industry experts such as Steve Lamar, president of the American Apparel and Footwear Association, emphasize that the U.S. lacks the labor, skills, materials, and infrastructure to return to large-scale manufacturing.

Despite U.S. consumers’ reliance on cheap imports from China and other low-wage countries, a shift back to domestic production faces challenges. Yao Jin, a supply chain management professor at Miami University, asserts that the high cost of U.S. labor makes it difficult for U.S. companies to compete on price, especially against overseas producers.

At Gambert Shirtmakers, where 90% of workers earn more than the state’s $15.49 hourly minimum wage, the company struggles to keep up with demand due to limited production capacity. Additionally, with U.S. tariffs affecting raw materials such as fabric, businesses like Gambert face increased operational costs.

Alexander Zar, CEO of La La Land Production and Design, a footwear manufacturer in Los Angeles, has seen growing interest from sportswear brands in domestic sneaker production. However, Zar plans to use technology like 3D printing to offset high labor costs, recognizing that U.S.-made products may still be priced higher than those made overseas.

Despite the interest, Adidas has no immediate plans to shift its supply chain and will continue to produce only limited-edition shoes with La La Land.

Kim Glas, president of the National Council of Textile Organizations, supports additional tariffs on Chinese apparel imports but cautions that tariffs on Mexico and Canada hinder the U.S. industry by disrupting the flow of materials needed for production. Glas emphasized the need for certainty in trade policies to encourage long-term investment in domestic manufacturing.