Trump’s Truth Social Ventures into the Bitcoin ETF Arena
In an ambitious stride, President Donald Trump’s Truth Social platform is set to launch its own Bitcoin exchange-traded fund (ETF), marking a bold entry into the cryptocurrency market. This initiative seeks to rival leading asset management firms that have increasingly embraced digital currencies over the past year.
Truth Social’s Ambitious Bitcoin ETF Filing
On a pivotal Tuesday, NYSE Arca, known for its electronic trading prowess within the New York Stock Exchange (NYSE), submitted a 19b-4 form. This form is crucial for listing a Bitcoin fund connected to Trump’s media company, acting as a vital step towards obtaining regulatory approval. Once approved, this fund will be traded on a US exchange.
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The proposed Truth Social Bitcoin ETF aims to replicate the performance of the leading cryptocurrency, Bitcoin, offering investors an efficient way to gain exposure without directly owning the asset. This strategic move follows a partnership announced in March between Trump Media and Crypto.com, with plans to unveil a suite of digital asset products, pending regulatory consent.
Exploring a $2.5 Billion Bitcoin Treasury and Upcoming ETF
A CNBC report recently highlighted that the forthcoming offerings are set to include a diverse mix of cryptocurrencies, featuring Bitcoin and Crypto.com’s native Cronos (CRO) token, alongside traditional securities. These will be branded under Trump Media, reaching a global audience via major brokerage platforms and the widely-used Crypto.com app, which boasts over 140 million users globally.
Since the introduction of spot Bitcoin ETFs in January 2024, the market has witnessed exponential growth, amassing over $130 billion in total assets. BlackRock’s iShares Bitcoin Trust (IBIT) currently leads the market, with assets nearing $69 billion, solidifying its position as the largest digital asset manager worldwide.
These investment vehicles have played a pivotal role in Bitcoin’s recent surge, as it approached the $112,000 threshold last week. Over the past fortnight, BlackRock’s IBIT ETF, Fidelity’s FBTC, and Grayscale’s Mini Trust ETF attracted inflows nearing $1 billion, according to Farside data.
Trump, holding a majority stake in Truth Social’s parent company, Trump Media & Technology Group, has made significant strides in the cryptocurrency sector. Recent strategic moves include trademarking digital asset products and announcing a $2.5 billion Bitcoin treasury initiative in Las Vegas.
According to the CNBC report, should the Truth Social Bitcoin ETF gain approval, it would emerge as one of “the most politically connected entries” in the thriving Bitcoin ETF market.
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