Trump Media & Technology Group (TMTG), the company behind the Truth Social Platform, has submitted to launch a new exhibition -related fund (ETF) that Bitcoin and Ethereum would follow.
The submitsubmitted to the US Securities and Exchange Commission (SEC) on 16 June, marks a daring step in the shift of the company to digital finances.
According to the submission:
“The trust is a passive investment vehicle that does not try to generate efficiency than keeping track of the prices of Bitcoin and Ether and, to the extent that the trust uses (as defined in it), rewards from the Ether deployed.”
The proposed ETF will assign 75% of its portfolio to Bitcoin and 25% to Ethereum.
TMTG cooperates with Crypto Exchange Crypto.com to handle custody, the actions of implementation, deployment and liquidity support.
Yorkville America Digital is expected to sponsor the ETF. If the SEC approves the corresponding form 19b-4, the Fund is stated on NYSE ARCA.
Despite the announcement, TMTG shares showed little exercise. According to Google Finance factsThe share fell by approximately 2% to less than $ 20, the lowest price since April.
Trump Media’s strategic shift to crypto
This step is an important step in TMTG’s efforts to turn from a social media-centric platform to a wider fintech player.
The company recently pursued this transition by working together with Crypto.com and Yorkville America to develop a line-up of TMTG brand ETFs that combine digital and traditional assets.
One of the flagship offers will be this truth its social bitcoin and Ethereum ETF, a product that builds on an earlier request from NYSE Arca to state the truth Social Bitcoin ETF.
In addition to his ETF ambitions, TMTG recently obtained regulatory approval for a Bitcoin Treasury -deal of $ 2.3 billion, signaling plans to strengthen its crypto reserves.
These developments indicate the growing dedication of TMTG to digital assets. By working together with important players in the industry and ETF market, the company wants to benefit from the rising crypto acceptance and offer regulated exposure to important digital assets.
