ETF: Trump Media intends to hold Bitcoin and Ethereum

The US President’s affiliated business, Trump Media, which operates Truth Social, Truth+, and TruthFi, filed with the US Securities and Exchange Commission to create a combined exchange-traded fund (ETF) that would track the performance of the two largest cryptocurrencies by market capitalization.

This financial vehicle will comprise Bitcoin and Ethereum, allocating 75% of its AUM to the foremost digital asset and 25% to the largest altcoin.

Today’s announcement from the Trump Media Group reaffirms earlier speculation that Crypto.com will serve as the exclusive custodian of Bitcoin and Ethereum for the ETF. Additionally, it will function as a “prime execution agent, along with serving as a staking and liquidity provider.”

The ETF backed by Yorkville America Digital is set to be listed on NYSE Arca, pending approval from the US SEC.

The announcement states that the proposed ETF is not considered a “security” because shares “may not be sold, nor may offers to buy be accepted, before the registration statement is made.”

President Trump has taken a stance on the cryptocurrency sector that contrasts sharply with his predecessor’s, and one of the businesses linked to him has applied to launch a joint Bitcoin and Ethereum ETF, signaling further progress for the burgeoning pro-digital asset movements.

 

 

 

 

 

 

 

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