Donald Trump’s media company, Trump Media & Technology Group (TMTG), is taking a bold step into crypto with plans to launch its own Bitcoin exchange-traded fund (ETF).
A filing submitted Tuesday to the U.S. Securities and Exchange Commission (SEC) shows that NYSE Arca, the all-electronic arm of the New York Stock Exchange, seeks to list a spot Bitcoin ETF linked to Trump’s TMTG, the parent company behind Truth Social.
Sponsored
The proposed “Truth Social Bitcoin ETF” would track the price of Bitcoin (BTC), offering investors exposure to the digital asset without direct ownership. Foris DAX Trust Company is listed as the Bitcoin custodian. The ETF is now under SEC review.
Trump, the majority owner of TMTG, has recently ramped up his company’s involvement in crypto. In March, TMTG partnered with Crypto.com to launch a series of ETFs. Just last week, it unveiled plans to raise $2.5 billion to build a corporate Bitcoin treasury.
Bitcoin ETF Market Booms
If approved, the Truth Social Bitcoin ETF would join more than 60 Bitcoin funds. Since the SEC approved the first spot Bitcoin ETFs in January 2024, the market has surged past $130 billion in total assets.
BlackRock remains the dominant player in the space. It’s iShares Bitcoin Trust (IBIT) currently holds around $69 billion worth of BTC, accounting for more than half of all spot Bitcoin ETF assets under management.
Bitcoin Holds Steady Despite Trump ETF Buzz
The price of Bitcoin did not increase significantly after the news of the Trump Media & Technology Group (TMTG) Bitcoin ETF filing became public.
BTC has not made significant moves in the past 24 hours, with its price stabilizing at around $105.3K, slightly below the $105.5K support zone on Wednesday.
Crypto trader Astronomer describes current market conditions as range-bound, noting that BTC is oscillating between $103,000 and $107,000 in a typical post-volatility consolidation phase.
The market sentiment is split, while technical indicators show that the BTC price faces strong resistance near $107K. Failure to break through might result in a fresh drop toward $103K or lower.
On The Flipside
- The SEC approval process can take up to 240 days, which may delay any significant market response.
- Investor attention remains focused on macroeconomic concerns, particularly U.S.-China trade tensions.
- Critics point to potential conflicts of interest, warning that Trump’s dual roles as a political figure and business owner could blur the line between policy and profit.
Why This Matters
If approved, the Truth Social Bitcoin ETF would mark one of the most politically entangled entries in the booming Bitcoin ETF market, raising both financial and ethical questions in an already volatile sector.
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People Also Ask:
A Bitcoin ETF (Exchange-Traded Fund) is a type of investment fund that tracks the price of Bitcoin and trades on traditional stock exchanges, like the NYSE or Nasdaq.
Bitcoin ETFs are generally safer than buying Bitcoin directly for most traditional investors, but they still carry risks.
As of now, BlackRock’s iShares Bitcoin Trust (IBIT) holds the most Bitcoin among all ETFs.
