Trump Media Files to Launch Crypto ETF

By Connor HartPresident Trump's media company has filed to launch an investment fund for bitcoin.Trump Media and Technology said Monday that its Truth Social Bitcoin and Ethereum ETF will hold the cryptocurrencies directly, with 75% of its assets invested in bitcoin and 25% in ether. The fund will offer shares to investors, aiming to offer shares reflective of the currencies' price performance.Crypto.com will act as the ETF's exclusive bitcoin custodian, prime execution agent and liquidity provider, according to a recent filing with the Securities and Exchange Commission.The filing comes after Trump Media, which operates the president's Truth Social platform, last month said it would raise about $2.5 billion from institutional investors to buy bitcoin, planning to use the funding to create a treasury for the cryptocurrency.The launch of the Truth Social Bitcoin and Ethereum ETF is waiting on regulatory approval, including a key filing with the SEC. Once approved, the fund is expected to be listed on NYSE Arca.Shares rose 1.7%, to $19.85, in pre-market trading Monday.Trump Media has made other moves in the crypto industry, launching a finance company earlier this year called Truth.Fi and stating it would allocate around $250 million into cryptocurrency and other investments.The second Trump administration has been particularly friendly to the crypto industry, with Congress expected to advance legislation favored by the industry. Amid surging interest in the industry, companies including MicroStrategy, Tesla and Rumble have recently added bitcoin to their balance sheets.Write to Connor Hart at [email protected]