Trump Media Seeks SEC Approval For Truth Social-Branded Bitcoin-Ether ETF
Synopsis
According to Trump Media’s filing with the SEC, the ETF will directly hold both cryptocurrencies, allocating 75% of its assets to Bitcoin and 25% to Ether.
Trump Media and Technology Group (DJT) on Monday sought approval from the Securities and Exchange Commission to launch a Truth Social-branded exchange-traded fund backed by Bitcoin (BTC) and Ethereum (ETH).
DJT’s stock was down 2.6% in midday trade following the announcement, despite broader markets trading in the green.
According to the filing, the ETF will directly hold both cryptocurrencies, allocating 75% of its assets to Bitcoin and 25% to Ether.
Bitcoin’s price was trading at around $107,600 on Monday, having gained 2.1% in the last 24 hours. Meanwhile, Ethereum’s price had gained 4.1% in the last 24 hours to trade at around $2,600.
If approved by the SEC, the product would mark Trump Media’s first entry into the digital asset fund space.
Singapore-based exchange Crypto.com is listed as the ETF’s custodian and liquidity provider.
Monday’s filing follows a separate spot Bitcoin ETF registration submitted by Trump Media earlier this month.
The addition of Ether to the new ETF reflects the Trump family’s growing involvement in Ethereum-based assets. According to data from Arkham Intelligence, World Liberty Financial, a decentralized finance initiative backed by the family, holds 96% of its digital assets on the Ethereum blockchain.
If approved, the Truth Social crypto ETF would enter a crowded field of digital asset funds already offered by major asset managers, including BlackRock, Grayscale, Fidelity, and Franklin Templeton.
Bitcoin ETFs alone have amassed $153 billion in assets under management, according to CoinShares’ latest report. Meanwhile, Ethereum ETFs have a total of $14.9 billion in assets under management.
The move adds to Trump Media’s push to broaden its financial and digital services portfolio beyond social media.
DJT’s stock has fallen nearly 45% this year and more than 48% over the last 12 months.
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