In brief
- President Trump’s Trump Media & Technology Group is working to launch a spot Bitcoin ETF in the U.S.
- NYSE Arca filed paperwork with the SEC on Tuesday seeking a rule change to list the proposed fund.
- Trump Media is working with Crypto.co and Yorkville America Digital to launch crypto-centric ETFs.
Trump Media & Technology Group is moving forward with plans to launch cryptocurrency-based exchange traded funds, starting with a spot Bitcoin ETF in the United States.
NYSE Arca filed paperwork Tuesday seeking a rule change to list the “Truth Social Bitcoin ETF” from Yorkville America Digital, the product of an April partnership between the firm, President Trump’s Trump Media, and Crypto.com.
The proposed ETF would give investors exposure to the leading cryptocurrency via shares on the stock exchange.
Wall Street’s biggest regulator, the Securities and Exchange Commission, last year approved 11 Bitcoin funds; the products had the most successful launch in the ETF space, drawing capital from investors wanting easy and regulated access to the crypto world.
Now, President Trump’s company is hoping to cash in on the action too, it appears.
Trump Media & Technology Group did not immediately respond to Decrypt‘s questions.
President Trump backs a number of crypto-related businesses. On Tuesday, news dropped that the Republican politician’s officially licensed, Solana-based meme coin project was launching a digital asset wallet in collaboration with Magic Eden. Trump’s sons, interestingly, all publicly said they had no affiliation with the wallet launch.
Back in January, Trump Media and Technology Group said it would launch a financial services and fintech arm called Truth.Fi that would have a heavy crypto focus. The firm is working with Crypto.com and Yorkville America Digital to launch crypto and energy ETFs, with Trump Media saying it plans to invest up to $250 million of its own money into the products.
And last week, Trump Media announced it had finished raising $2.4 billion in stock and debt which will be used to launch a Bitcoin treasury.
On top of all this, the Trump family also backs a crypto lending project, World Liberty Financial, which launched ahead of the presidential election.
President Trump campaigned on a ticket to help the industry and received backing from companies and entrepreneurs in the space.
He has since stuck to many of his campaign trail promises—despite drawing ire from opposition politicians who claim there are obvious conflicts of interest.
Edited by Andrew Hayward
Editor’s note: This story was updated after publication with additional details.
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