President Donald Trump’s Truth Social platform is taking a significant step toward introducing its own Bitcoin exchange-traded fund (ETF). This move is intended to compete with the world’s largest asset managers, who have increasingly adopted cryptocurrencies over the past year.
Trump’s Truth Social Files For Bitcoin ETF
On Tuesday, NYSE Arca, the all-electronic division of the New York Stock Exchange (NYSE) responsible for most exchange-traded fund trading, filed a 19b-4 form to list a Bitcoin fund associated with Trump’s media company. This filing is a crucial prerequisite for regulatory approval, enabling the fund to launch and trade on a US exchange.
Named the Truth Social Bitcoin ETF, this fund is designed to mirror the price movements of the market’s leading cryptocurrency, providing a more accessible avenue for investors to gain exposure to the cryptocurrency without the need to hold the asset directly.
This initiative comes on the heels of a partnership announced in March between Trump Media and Crypto.com, aimed at developing a range of digital asset products slated for release later this year, contingent on regulatory approval.
$2.5 Billion Bitcoin Treasury And Upcoming ETF
According to a CNBC report on Tuesday, the upcoming offerings are expected to include a mix of cryptocurrencies, such as Bitcoin and Crypto.com’s native Cronos (CRO) token, alongside traditional securities.
These products will be branded under Trump Media and made available to a global audience through major brokerage platforms and the Crypto.com app, which serves over 140 million users worldwide.
Since the launch of spot Bitcoin ETFs in January 2024, the market has experienced remarkable growth, swelling to over $130 billion in total assets. BlackRock’s iShares Bitcoin Trust (IBIT) currently dominates the market, boasting nearly $69 billion in assets, making it the largest digital asset manager globally.
These investment products contributed significantly to the record high reached by BTC last week, nearing the $112,000 mark. Over the past two weeks, BlackRock’s IBIT ETF, Fidelity’s FBTC, and Grayscale’s Mini Trust ETF have received nearly $1 billion in inflows, according to Farside data.
Trump is the majority owner of Truth Social’s parent company, Trump Media & Technology Group, which has made several strategic moves aligned with the cryptocurrency sector in recent months. These moves include trademarking digital asset products and announcing a $2.5 billion Bitcoin treasury plan last week in Las Vegas.
According to the CNBC report, if the Truth Social Bitcoin ETF is approved, it would represent one of “the most politically connected entries” into the already successful Bitcoin exchange-traded fund market.
When writing, the TRUMP memecoin trades at $11.21, down over 84% from its all-time high of $73 reached one day after its launch.
Featured image from DALL-E, chart from TradingView.com
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