The companies plan to launch “Made in America”-themed digital asset ETFs. This move follows other ventures like the TRUMP meme coin and the launch of the USD1 stablecoin by Trump-backed World Liberty Financial. However, these Trump ventures already attracted a lot of political scrutiny over potential conflicts of interest. Meanwhile, Kraken is preparing for a potential IPO by 2026, exploring a major fundraise and expanding its services through acquisitions and the relaunch of crypto staking.
Trump Expands Crypto Presence with New ETF Agreement
Trump Media & Technology Group (TMTG), the parent company of Truth Social and fintech platform Truth.Fi, signed a non-binding agreement with Crypto.com to launch a new line of exchange-traded funds (ETFs) in the United States. According to a March 24 statement, the initiative is still subject to regulatory approval but is yet another major step in the growing overlap between cryptocurrency and Donald Trump's business ventures.
The planned ETFs will be developed through Foris Capital US LLC, which is the broker-dealer arm of Crypto.com. They aim to feature digital assets and securities with a strong “Made in America” theme. The crypto components of the ETF could include a basket of tokens like Bitcoin, Ethereum, Solana, XRP, and Crypto.com’s native token Cronos (CRO). Crypto.com will provide both the infrastructure and custody services for the initiative.
Once launched, the ETFs are expected to be accessible internationally, including across the US, Europe, and Asia via established brokerage platforms. They will also be integrated into the Crypto.com App, giving access to over 140 million users globally. In parallel, Truth.Fi plans to offer Separately Managed Accounts (SMAs), which TMTG will reportedly fund using its existing cash reserves.
This ETF project is yet another crypto-related venture tied to Donald Trump. The US president’s growing crypto footprint already stirred some political controversy. Democratic lawmakers raised their concerns over potential conflicts of interest stemming from Trump’s dual roles in politics and business. In particular, scrutiny increased over his connection to World Liberty Financial, which is a crypto platform owned by the Trump Organization, and the launch of the TRUMP meme coin. TRUMP went live just three days before his inauguration.
Representative Gerald Connolly labeled the meme coin a “money grab,” and alleged that Trump-affiliated entities benefited from more than $100 million in trading fees. Similarly, Representative Maxine Waters denounced the token as a “rug pull,” and criticized it for embodying the worst aspects of the crypto industry.
Trump’s Crypto Firm Rolls Out Stablecoin
Donald Trump-backed World Liberty Financial also recently launched a US dollar-pegged stablecoin called World Liberty Financial USD (USD1), with an initial supply of more than $3.5 million. The token was deployed on both the BNB Chain and Ethereum in early March, according to data from Etherscan and BscScan. Former Binance CEO Changpeng “CZ” Zhao confirmed the deployment, though the project stated that the stablecoin is not currently available for trading.
The timing of the launch aligns with ongoing discussions in Congress around stablecoin regulation. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act cleared the Senate Banking Committee on March 13 and is expected to reach the Senate floor for a full vote very soon. Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, projected that the bill could be signed by President Trump by June.
Since its debut in September of 2024, World Liberty Financial operated with limited public transparency. Its website reveals that Trump and several family members collectively control 60% of the company’s equity.
As of mid-March, the firm has conducted two public token sales that raised a combined total of $550 million. The launch of USD1 also coincides with reports that the Trump family held talks with Binance about potentially acquiring a stake in the exchange and issuing a presidential pardon for CZ, though Zhao denied that any deal or pardon arrangement exists.
World Liberty also faced criticism over potential conflicts of interest. Even before its first public token sale in October of 2024, the company came under scrutiny from US lawmakers that were concerned about Trump’s dual role as a political figure and crypto entrepreneur. Shortly after Trump’s election victory, Tron founder Justin Sun announced a $30 million investment in World Liberty, which likely led to his appointment as an adviser to the firm.
After Trump’s inauguration and the appointment of SEC Commissioner Mark Uyeda as acting chair, the SEC requested a pause in its enforcement case against Sun to explore a potential resolution. Sun and several of his companies were accused of selling unregistered securities. Meanwhile, other well known crypto executives who supported Trump and the Republican Party during the 2024 elections also had their legal challenges with the SEC dropped since Uyeda took charge.
The stablecoin arrived during a broader expansion of the digital dollar market. Data from Artemis and Dune showed a more than 50% increase in active stablecoin wallets from February 2024 to February 2025. The market cap of all stablecoins surpassed $200 billion in January as well, with Tether and USDC still being the two leading assets in the space.
Kraken Eyes IPO with Major Fundraise
It is not only Trump-linked businesses that are currently making strides in the crypto space. Kraken, one of the world’s largest crypto exchanges, is reportedly exploring a big capital raise ahead of a potential initial public offering (IPO) targeted for early 2026.
According to Bloomberg, Kraken is in early-stage discussions with major financial institutions including Goldman Sachs and JPMorgan Chase to arrange a debt package worth between $200 million and $1 billion. The funds raised will support the company’s growth initiatives rather than operational costs.
Bloomberg has been covering Kraken’s IPO ambitions for the past year, and reports suggest that plans to go public have gained more momentum since the election of US President Donald Trump, whose administration is seen as more crypto-friendly.
Kraken's position in the crypto sector is growing, having processed more than $1.1 billion in trading volume over the last 24 hours, according to CoinMarketCap. The exchange also experienced some impressive growth in 2024, with revenue reaching $1.5 billion. This was a 128% increase from 2023. Its adjusted earnings totaled $380 million for the year.
(Source: Kraken)
Additionally, Kraken acquired NinjaTrader for $1.5 billion. NinjaTrader is a futures brokerage that was founded in 2003 and registered with the US Commodity Futures Trading Commission. It will likely boost Kraken’s presence in the derivatives market. The acquisition also aligns with Kraken’s broader strategy to expand into multi-asset services, including equities and payment solutions.
Kraken, like several other exchanges, was recently relieved from enforcement actions by the SEC. This more favorable environment likely influenced Kraken’s decision to relaunch its crypto staking services in the United States after nearly two years. The exchange now offers staking options for 17 cryptocurrencies, including Ethereum and Solana.
