Truth Social Applies for Bitcoin and Ethereum ETF with SEC

Key Takeaways:
  • The filing involves Trump Media, Crypto.com, and Yorkville America Digital.
  • Assets allocated as 75% Bitcoin, 25% Ethereum.
  • Dependent on SEC’s approval for market impact.
Truth Social Applies for Bitcoin and Ethereum ETF with SEC

Trump Media’s social media arm, Truth Social, has officially filed a spot Bitcoin and Ethereum ETF with the SEC, planning to list it on NYSE Arca.

Creating a novel financial vehicle, the ETF application highlights Trump’s increasing involvement in crypto, marking a strategic expansion in market offerings. No immediate public reactions have been noted yet.

Trump Media & Technology Group, connected to former President Donald Trump, seeks approval for an ETF with Crypto.com as the exclusive custodian. The registration targets exposure to both Bitcoin and Ethereum within a structured fund.

“Trump Media and Technology Group Corp. announced the filing of an initial registration statement with the SEC for the Truth Social Bitcoin and Ethereum ETF, which will invest 75% in Bitcoin and 25% in Ether. Crypto.com will act as the custodian and execution agent for the ETF, which aims to reflect the price performance of these cryptocurrencies.” – Shannon Devine, Investor Relations, Trump Media & Technology Group Corp.

Crypto.com, alongside Yorkville America Digital, supports custody and operations. This initiative marks an advancement in multi-asset ETFs beyond single-asset frameworks. Key participants like Devin Nunes have not publicly commented yet.

Should approval materialize, markets could witness shifts in crypto asset interest. Institutional adoption potential remains closely monitored. Concerns over regulatory responses linger, with rules under SEC scrutiny.

Upon approval, industry anticipation grows for wider ETF adoption. The SEC’s ruling could influence potential data-driven outcomes. Historically, multi-asset exposure remains minimal, highlighting the importance of this move through investment allocation balancing.

Disclaimer:

The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.

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