Trump Media to Launch Crypto ETF

By Connor HartPresident Trump's media company will launch an investment fund for bitcoin.Trump Media and Technology said Thursday that its Truth Social Bitcoin ETF will hold the cryptocurrency directly, aiming to offer shares to investors reflective of Bitcoin's 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.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."We view bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets," Chief Executive Devin Nunes said at the time.The company 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]