Donald Trump's media company, Trump Media & Technology Group, has filed with the U.S. Securities and Exchange Commission to launch an exchange-traded fund that will invest in both leading cryptocurrencies — Bitcoin and Ethereum, Reuters reports.
The new fund is called the Truth Social Bitcoin & Ethereum ETF. It has an asset allocation of 75% Bitcoin and 25% Ethereum. The application was submitted through Yorkville America Digital, while custody and trading will be handled by Crypto.com. The ETF is expected to operate under the Trump ETF Trust brand.
The fund will compete with existing ETFs from major players, including BlackRock, whose iShares Bitcoin ETF manages more than $72.5 billion in assets. The company has not yet disclosed the size of its fees, while competitors charge around 0.12%.
The filing came amid Donald Trump's active involvement in the crypto community. In 2024, he spoke at the Bitcoin 2024 conference in Nashville as a Republican presidential candidate. He introduced his own $TRUMP memecoin. His wife Melania also introduced her own memecoin . Despite Trump's great political influence, both memecoins lost 60% of their value after his inauguration. Later, there were reports that Democrats wanted to ban Trump and other US officials from issuing their own cryptocurrency.
Recall that recently, Donald Trump and his family also announced the launch of their own mobile operator, Trump Mobile , and the Android smartphone T1 Phone. Both products are under the responsibility of the Trump Organization, which is run by Trump's sons, Eric Trump and Donald Trump Jr.