Trump Family's Media Organization Applies for a Bitcoin ETF in Truth Social
📣 Here's the scoop on the Truth Social Bitcoin ETF!
The Trump Media & Technology Group (TMTG) is pushing ahead with plans to launch a Bitcoin ETF named Truth Social Bitcoin ETF, according to SEC filing dated June 3. The NYSE Group Inc. has filed the necessary regulatory paperwork, and the product shares the name of former President Donald Trump's social media platform.
This ETF is being developed through a partnership with Yorkville Advisors, a New Jersey-based company described by TMTG as an "America-First asset management firm." Foris DAX Trust Company will be the custodian of the digital assets, though the ticker and fees for the new fund are yet to be announced.
Fun fact: TMTG has previously applied for trademarks related to Bitcoin investment products aligning with the President's policy priorities.
The spot Bitcoin ETF would join over 60 US funds linked to BTC. This ETF would differ from the eleven approved and trading ETFs by buying the asset and tracking its price.
Bloomberg Intelligence senior ETF analyst Eric Balchunas expects the new ETF to face a tough competition: "On one hand, this is pretty uncharted territory and a huge endorsement of Bitcoin from Trump's company," he said. "But on the other hand, it's a routine filing in a very crowded category, and it will have its work cut out to attract flows and liquidity."
Thanks to the success of American spot Bitcoin ETFs since their launch 18 months ago, TMTG might be on to something. They've seen a whopping $44.4 billion in net inflows so far!
Balchunas also predicted that by the end of next year, the industry-leading BlackRock's IBIT ETF could surpass Satoshi Nakamoto as the world's biggest Bitcoin holder. That's a testament to the power of convenience, low cost, liquidity, and trust that the ETF brings to the table, according to Balchunas.
Sounds exciting, right? But don't despair if you're not already invested. The eleven US spot ETFs were on a three-day outflow streak as of June 3, but preliminary data shows an inflow of $375 million on that day.
Remember, when it comes to investments, do your research and consider seeking advice from a financial advisor.
Stay tuned for updates on the Truth Social Bitcoin ETF and other crypto happenings! 🚀🤘💻
Wanna dive deeper? Here's some extra info:
- The ETF is structured as a Nevada business trust that issues beneficial interests in its net assets, primarily holding Bitcoin
- Yorkville America Digital, Crypto.com, and Foris DAX Trust Company, LLC all play crucial roles in the operation of the fund
- The exact fees associated with the ETF are yet to be disclosed, but will likely be detailed in subsequent filings or upon final approval
The Truth Social Bitcoin ETF, a crypto-focused investment product, is planned by the Trump Media & Technology Group in partnership with Yorkville Advisors, with Foris DAX Trust Company as the custodian of digital assets. This ETF is expected to compete fiercely in the already crowded Bitcoin ETF market, as more and more investors turn to technological avenues like blockchain trading and crypto investing for financial growth. As Bloomberg Intelligence analyst Eric Balchunas predicts, the industry-leading BlackRock's IBIT ETF could soon surpass Satoshi Nakamoto as the world's biggest Bitcoin holder, showcasing the potential influence and growth of such investment funds in the finance sector.
