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Trump’s Truth Social Continues Crypto Push With Dual Bitcoin And Ethereum ETF Filing
- US President Donald Trump's social media platform, Truth Social, has filed with the US SEC to introduce a joint Bitcoin and Ethereum ETF called 'Truth Social Bitcoin and Ethereum ETF, B.T.'
- The ETF will consist of 75% BTC and 25% ETH, with Crypto.com serving as the custodian and execution agent.
- This move follows the previous filing for a fund focused solely on Bitcoin named the Truth Social Bitcoin ETF.
- The new ETF aims to provide traditional investors with exposure to Bitcoin and Ether through shares backed by the crypto assets, eliminating the need to directly purchase and store tokens.
- The ETF shares are planned to be listed on the NYSE Arca, although the product fees have not been disclosed yet.
- The inclusion of Ethereum in the ETF is in line with the Trump family's involvement in crypto, as World Liberty Financial holds most of its assets on the Ethereum blockchain.
- If approved, the Truth Social Bitcoin and Ethereum ETF would enter a competitive market led by established asset managers like BlackRock.
- This latest move showcases Trump Media and Technology Group's increasing engagement with the crypto industry.
- Recently, the group raised $2.32 billion to create its Bitcoin treasury, although no Bitcoin acquisitions have been announced.
- President Trump and his family have been associated with various crypto initiatives, with the launch of an official meme coin on the Solana blockchain and the introduction of the Ethereum DeFi platform World Liberty Financial.
- The Trump administration has been easing restrictions on the crypto sector, leading to increased involvement in the cryptocurrency space.
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