Trump Media Submits Bitcoin, Ethereum ETF Registration
(MENAFN) On Monday, the social media company owned by US President Donald Trump submitted a registration statement to the US Securities and Exchange Commission (SEC) for a new exchange-traded fund (ETF) focused on bitcoin and ethereum.
According to a release from Trump Media, "The ETF will hold Bitcoin and Ether directly, with 75% of its assets invested in Bitcoin and 25% in Ether, and offer its shares to investors, aiming to reflect the price performance of Bitcoin and Ether."
Cryptois set to serve as the exclusive custodian for the bitcoin and ethereum assets, as well as the prime execution agent and provider of staking and liquidity services for this ETF.
The company noted that the rollout of the Truth Social Bitcoin and Ethereum ETF hinges on the SEC’s acceptance of the registration statement and the approval of its requested rule changes. Following regulatory clearance, the ETF shares will be listed on the NYSE Arca exchange.
Trump Media, which operates the social network Truth Social, the streaming service Truth+, and the financial technology brand Truth.Fi, is making a significant move into cryptocurrency investment products.
This venture comes amid debate, as Trump’s involvement in cryptocurrency business activities while still holding the presidency has raised eyebrows. Previous presidents typically divested their business interests or placed them in blind trusts to avoid conflicts of interest.
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