Trump Media seeks SEC approval for Bitcoin and Ethereum ETF

Trump Media and Technology Group on Monday U.S. According to the Filing in the Securities and Exchange Commission, the two largest cryptocurrencies, Bitcoin and Ethereum, want to launch an exchange-traded fund in both. This marks another cryptocurrency ETF filing from a social media company associated with President Donald Trump in less than two weeks. If allowed, Truth will join the crowded and competitive market already dominated by a handful of installed asset managers such as Social Bitcoin ETF and Truth Social Bitcoin and Ethereum ETF BlackRock, which has $ 72.5 billion in Ishers Bitcoin ETF.

“It will be a challenge for any new entry into this market,” said Brian Armar, ETF analyst at Morningstar. “The only way to stay stand will be by a fee or brand.”

Filing for the new Bitcoin and Ethereum ETF does not announce the proposed fee, and Trump Media has not yet issued a fee for Bitcoin ETF. Similar products contain 0.12%fee.

Trump media representatives did not respond immediately to the comment request. Armor notes that the latest filing spells the exact allocation ratio between Bitcoin and Ethereum. Issuer, Yorkville America Digital, said he initially expects three bitcoins for each Ethereium token in the ETF.

CF “This is a little different about the new venture, except the way it can be sold,” said Sui Chung, CEO and president of the benchmark. “Given the involvement of Truth Social, it may be very well that (this) is directly marketed to individual investors and this attracts the attention of those investors, just like those who love their iPhone, the same way as the Apple Pal Stock.”