Trump Media & Technology Group has submitted its filing with the United States Securities and Exchange Commission (SEC) to launch a Bitcoin and Ethereum Exchange-Traded Fund (ETF). This comes off as a bold step from the firm, but as Bryan Armour, an ETF analyst at Morningstar, has stated, this path may be rough. Here Comes Truth Social Bitcoin and Ethereum ETF In a new filing submitted to the US SEC on Monday, Trump Media noted its partnership with Yorkville America Digital, stating its intention to launch a joint Bitcoin and Ethereum ETF. This proposed fund is to be launched under the Truth Social name. Crypto.com will act as a custodian, execution agent, and liquidity provider. According to the plan, the fund’s holdings ratio for Bitcoin and Ethereum will be 75% and 25%, respectively. Like several other applicants, Truth Media still has to wait for the Commission to decide on its filing. Once the green light is issued, the shares will be listed on NYSE Arca, the company wrote in its statement. Trump Media Files to Launch Truth Social Bitcoin ETF Explicitly, this is not the first deal between Trump Media and Yorkville America. For perspective, the latter was the sponsor for the standalone Bitcoin ETF application that Trump Media made about two weeks ago. This was after the Trump-related firm announced that it had raised nearly $2.5 billion from about 50 institutional investors in a private placement deal. Hence, the Truth Social Bitcoin and Ethereum ETF is the second crypto ETF filing from the social media company in less than two weeks. The individual Bitcoin and Ethereum ETF market is already saturated, even though the US niche is barely a year old. Therefore, Trump Media’s fund may have to strive to secure a reasonable market share when approved. BlackRock IBIT Leads Crypto ETF Flows The top asset management firm BlackRock, controls much of the crypto ETF market share. For almost every inflow, BlackRock’s iShares Bitcoin Trust (IBIT) continues to lead this rise . Beyond crypto funds, it has secured a position amongst the top five ETFs in the United States, surpassing even SPDR Gold Trust (GLD). Its Ethereum ETF is also performing well in the market, even with the fluctuations that ETH has been experiencing recently. The post Trump Media Plans to Debut a Dual Bitcoin and Ethereum ETF appeared first on TheCoinrise.com .
