Trump Media seeks SEC approval for bitcoin and ethereum ETF
Tired of too many ads?
Remove Ads
Crypto TrackerPowered By
TOP COINS
TOP COIN SETS XRP
197.05 (
5.66 %) Buy Ethereum
2,27,186 (
3.66 %) Buy Solana
13,496.89 (
3.26 %) Buy Bitcoin
92,52,104 (
1.68 %) Buy BNB
56,579 (
1.4 %) Buy
Trump Media & Technology Group is seeking to launch an exchange-traded fund that will invest in both bitcoin and ethereum, the two largest cryptocurrencies, according to a filing with the U.S. Securities and Exchange Commission on Monday. This marks the second cryptocurrency ETF filing from the social media company associated with President Donald Trump in less than two weeks. If approved, the Truth Social Bitcoin ETF and the Truth Social Bitcoin & Ethereum ETF would join a crowded and competitive market already dominated by a handful of established asset managers such as BlackRock, whose iShares Bitcoin ETF has $72.5 billion in assets."It will be a challenge for any new entrant in this market," said Bryan Armour, ETF analyst at Morningstar. "The only way to stand out will be through fees or brand."The filing for the new bitcoin and ethereum ETF does not disclose proposed fees, and Trump Media has yet to reveal fees for the bitcoin ETF. Similar products have fees of 0.12%.Trump Media representatives did not immediately respond to a request for comment. Armour noted that the latest filing spells out a specific allocation ratio between bitcoin and ethereum. The issuer, Yorkville America Digital, said it initially anticipates holding three bitcoins for every ethereum token in the ETF."There is little that is different about this new venture other than the way it could be marketed," said Sui Chung, CEO and chairman of CF Benchmarks. "Given Truth Social's involvement, it may very well be that (these) are marketed directly to individual investors and that this ends up getting attention from those investors in the same way that people who love their iPhones buy Apple stock."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
an hour ago
- Economic Times
How will US strikes on Iran affect Indian markets this week?
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Indian equities may face pressure early this week after the US launched strikes on three nuclear sites in Iran late Saturday, escalating tensions in the Middle East. A sharp rise in oil prices and a possible shutdown of the Strait of Hormuz by Iran could weigh on sentiment and trigger a gap-down opening on Nifty and Sensex had closed about 1.3% higher on Friday, recouping losses made in the last three sessions on a relief rally sparked by US President Donald Trump putting on hold a plan that may have led to the US involvement in the Israel-Iran conflict. The latest flip flop by the US threatens to reverse that optimism."The market will respond to how Iran manages the situation," said Amit Khurana, head of equities at Dolat Capital Market. "If tensions flare up again, the impact could be sharply negative."Oil prices are poised to surging past $80 a barrel on Monday in response to the conflict in the region after wild swings during the previous week. Brent crude futures for August declined 2.3% to $77 a barrel on Friday as any supply disruption through the Strait of Hormuz--through which 40% of oil and over half of India's LNG imports pass-could trigger a price spike. India relies on imports for over 90% of its crude and 54% of its LNG needs."Oil prices crossing triple digit or restricted supply will have an adverse impact on the market," said Nilesh Shah, managing director, Kotak Mahindra AMC. "Global factors from Trump policy to oil prices and supply are boiling hot."The unease around the flare up in the Middle East and Trump's volte face on Iran could weigh on market nerves. "The direction depends on whether we have peace or further escalation in the Middle East," said Sham Chandak, head of institutional equities at Elios Financial Services. He expects the Nifty to move between 24,500 and 25,500 for the rest of June."The US's pre-emptive strikes on Iran could potentially incapacitate the country. If we do not see further escalation overnight, the war may be over soon-and markets will obviously cheer in such a situation."
Time of India
an hour ago
- Time of India
How will US strikes on Iran affect Indian markets this week?
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Indian equities may face pressure early this week after the US launched strikes on three nuclear sites in Iran late Saturday, escalating tensions in the Middle East. A sharp rise in oil prices and a possible shutdown of the Strait of Hormuz by Iran could weigh on sentiment and trigger a gap-down opening on Nifty and Sensex had closed about 1.3% higher on Friday, recouping losses made in the last three sessions on a relief rally sparked by US President Donald Trump putting on hold a plan that may have led to the US involvement in the Israel-Iran conflict. The latest flip flop by the US threatens to reverse that optimism."The market will respond to how Iran manages the situation," said Amit Khurana, head of equities at Dolat Capital Market. "If tensions flare up again, the impact could be sharply negative."Oil prices are poised to surging past $80 a barrel on Monday in response to the conflict in the region after wild swings during the previous week. Brent crude futures for August declined 2.3% to $77 a barrel on Friday as any supply disruption through the Strait of Hormuz--through which 40% of oil and over half of India's LNG imports pass-could trigger a price spike. India relies on imports for over 90% of its crude and 54% of its LNG needs."Oil prices crossing triple digit or restricted supply will have an adverse impact on the market," said Nilesh Shah, managing director, Kotak Mahindra AMC. "Global factors from Trump policy to oil prices and supply are boiling hot."The unease around the flare up in the Middle East and Trump's volte face on Iran could weigh on market nerves. "The direction depends on whether we have peace or further escalation in the Middle East," said Sham Chandak, head of institutional equities at Elios Financial Services. He expects the Nifty to move between 24,500 and 25,500 for the rest of June."The US's pre-emptive strikes on Iran could potentially incapacitate the country. If we do not see further escalation overnight, the war may be over soon-and markets will obviously cheer in such a situation."
Time of India
an hour ago
- Time of India
US strikes at a fragile moment for global economy
New York: US strikes on Iran 's three main nuclear facilities come at a fragile moment for the global economy , and the outlook now hinges on how forcefully the Islamic Republic retaliates. The World Bank, the Organization for Economic Cooperation and Development and the International Monetary Fund have all downgraded their global growth forecasts in recent months. Any significant increases in oil or natural gas prices, or disturbances in trade caused by a further escalation of the conflict, would act as yet another brake on the world economy. "We'll see how Tehran responds, but the attack likely puts the conflict on a escalatory path," Bloomberg Economics analysts including Ziad Daoud wrote in a report. "For the global economy, an expanding conflict adds to the risk of higher oil prices and an upward impulse to inflation.?" The rising geopolitical risks intersect with a potential escalation in tariffs in the coming weeks as President Donald Trump's pauses of his hefty so-called "reciprocal" levies are due to expire. The biggest economic impact from a prolonged conflict in the Middle East would likely be felt via surging oil prices. Post the US strike, a derivative product that allows investors to speculate on price swings in crude oil surged 8.8% on IG Weekend Markets. If that move were to hold when trading resumes, IG strategist Tony Sycamore said he projects WTI crude oil futures will open at around $80 per barrel. Live Events
