CRO’s Wild Ride: Trump’s ETF Plans Spark Controversy and a 40% Price Surge

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CRO‘s Wild Ride: Trump’s ETF Plans Spark Controversy and a 40% Price Surge 🚀👀

CRO’s Wild Ride: Trump’s ETF Plans Spark Controversy and a 40% Price Surge

Oh, dear reader, gather ’round and listen closely, for I have a tale to tell that will make your head spin like a top in a Moscow windstorm! 🌪️ It seems that U.S. President Donald Trump’s media company, Trump Media and Technology Group (TMTG), has partnered with Crypto.com to launch a suite of exchange-traded funds (ETFs) and exchange-traded products (ETPs). Because, you know, the world was just missing a healthy dose of Trump-approved cryptocurrency investments. 🤪

The planned financial products will feature Bitcoin (BTC), Crypto.com’s native Cronos (CRO) token, and other digital assets alongside U.S.-focused securities. Because, why not? 🤷‍♂️ It’s not like the world is already drowning in a sea of cryptocurrency options or anything. 🌊

Inside the ETF Plans (or How to Make a Quick Buck)

In a March 24 press release, Trump Media stated that the ETFs will be managed under its financial services brand, Truth.Fi, while Crypto.com’s broker-dealer, Foris Capital, is facilitating the offering. Because, you know, nothing says “trust” like a company called Foris Capital. 😂

The partnership aims to attract investors aligned with President Trump’s economic vision, with TMTG CEO Devin Nunes highlighting its “America First” approach:

“We aim to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy, unencumbered by woke nonsense and political posturing.”

His Crypto.com counterpart Kris Marszalek echoed the sentiment, saying the products, including a first-of-its-kind ETF basket featuring CRO, will give investors “more options.” Because, you know, what investors really want is more options to lose their shirts. 🤦‍♂️

Price Rally Amid Controversy (or How to Make a Quick Buck, Part 2)

However, the announcement was not without controversy. Blockchain investigator ZachXBT accused Crypto.com of reissuing 70 billion CRO tokens it claimed to have burned four years ago. Because, you know, burning tokens is just a thing you do when you’re a responsible cryptocurrency company. 🔥

“In 2021, they burned 70B of the CRO supply. Everyone between that time and now bought expecting 30B CRO would be max supply,” the on-chain detective wrote in a post on X. “Now, 1-2 weeks ago, they reissue the 70B CRO burned permanently. I’ve never seen anything like it (from a major company),” he added.

Further, he questioned why Trump Media would collaborate with the exchange rather than established platforms like Coinbase or Kraken. Because, you know, who needs established platforms when you can partner with a company that’s been accused of reissuing burned tokens? 🤷‍♂️

Despite the concerns raised, CRO surged over 40%, going from $0.0816 to $0.1146 following the ETF news, before settling at $0.1082 at the time of writing. Its 7-day numbers are also in the green, jumping 31.5% to outperform the broader crypto market, which only gained 5.3% in that time.

Nonetheless, the token’s value is still down 25% year over year, and its current price is 88.5% below its all-time high of $0.9654, recorded three years ago. Because, you know, what’s a little volatility when you’re making a quick buck? 💸

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2025-03-25 12:10