Trump Media Seeks Approval for Bitcoin, Ethereum ETF
(MENAFN) Donald Trump's media enterprise has submitted a registration document to the U.S. Securities and Exchange Commission (SEC) on Monday, aiming to introduce an exchange-traded fund (ETF) based on bitcoin and ethereum.
According to a declaration by 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." This means the ETF plans to allocate its resources directly into these two major cryptocurrencies to track their market value.
The company has appointed Cryptoas the sole custodian and key trading partner for the ETF. Cryptowill also manage staking services and ensure sufficient liquidity for the product.
The initiation of the "Truth Social Bitcoin and Ethereum ETF" is contingent upon the activation of the registration filing and the SEC’s consent to the company’s proposed regulatory modifications. Once approved, the ETF shares are anticipated to be listed on the NYSE Arca stock market.
Trump Media manages the social networking site Truth Social, its content platform Truth+, and its financial technology branch, Truth.Fi.
Trump's involvement in cryptocurrency ventures, particularly while also advocating for digital assets during his presidency, has sparked debate.
Traditionally, former American presidents either sold off their business interests or placed them under blind trusts to avoid potential conflicts of interest.
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