Trump Media & Technology Group, the parent company of Truth Social and linked to former U.S. President and 2024 Republican presidential nominee Donald Trump, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a new cryptocurrency exchange-traded fund (ETF). The proposed ETF would invest in both Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization.
This move comes just under two weeks after the company filed its first application for a Bitcoin-only ETF, signaling Trump Media’s growing ambitions in the crypto space. If both products are approved, the Truth Social Bitcoin ETF and the Truth Social Bitcoin & Ethereum ETF could become high-profile players in an already competitive ETF market currently led by giants like BlackRock, whose iShares Bitcoin ETF holds over $72.5 billion in assets.
According to the filing, the new ETF will be issued by Yorkville America Digital, and will follow a specific crypto allocation: three units of Bitcoin for every one unit of Ethereum. While the document provides some insight into the portfolio structure, it doesn’t disclose the proposed management fees, which analysts say could make or break its chances in the saturated crypto ETF landscape.
Bryan Armour, an ETF analyst at Morningstar, said, “It’s going to be tough for any new entrant to make a splash here. Unless you’re offering extremely competitive fees or leveraging a powerful brand, the market is already tightly packed.”
Indeed, while most major crypto ETFs offer low fees—some as low as 0.12%—Trump Media has yet to announce pricing for either of its proposed funds. Despite the lack of financial details, experts believe that Trump’s branding power and the influence of Truth Social’s loyal user base may give the company a unique edge.
Sui Chung, CEO of CF Benchmarks, believes marketing will play a major role: “There’s very little technically different about this ETF compared to existing ones. But because of Truth Social’s involvement, this might be marketed directly to individual investors, especially Trump supporters—much like how Apple enthusiasts buy Apple stock.”
Trump Media has not yet responded to requests for comment, but its push into crypto finance comes as Trump increasingly aligns himself with digital asset enthusiasts. His recent appearance at the Bitcoin 2024 Conference in Nashville further cemented his campaign’s pro-crypto stance.
With crypto regulation still evolving and market interest booming, Trump Media’s entry into the ETF race adds both intrigue and competition. Now all eyes are on the SEC as the financial and political world awaits its decision.
