Trump's 'ambitions in the cryptocurrency space' are significant: from registering trademarks for digital asset products to announcing a $2.5 billion Bitcoin reserve, he is now setting his sights on a Bitcoin ETF...
Former U.S. President Trump is continuing his foray into the cryptocurrency space.
Truth Social submitted a listing application to NYSE Arca, an all-electronic trading platform under the New York Stock Exchange, on Tuesday, aiming to launch a Bitcoin fund related to the former president's media company. Arca is the all-electronic platform responsible for most ETF trading under the New York Stock Exchange.
This is the latest sign of Trump's entry into the cryptocurrency world. The application, known as Form 19b-4, is a document that must be submitted to regulators before they decide whether to allow the fund to launch and trade on U.S. exchanges.
So far this year, Bitcoin has risen by 12.7%, and on Thursday, its price was running above $105,000.
The fund, named Truth Social Bitcoin ETF, aims to track Bitcoin prices and provide investors with a simpler way to gain exposure to Bitcoin without directly holding the asset. Prior to this application submission, Trump Media Company and Crypto.com announced a partnership in March of this year to launch a series of digital asset products later this year, pending regulatory approval.
These planned products include a basket of cryptocurrencies, such as Bitcoin and Crypto.com's native token, combined with traditional securities. These products will be launched under the Trump Media Company brand.
Since its debut in January 2024, the Bitcoin spot ETF has been very popular, with billions of dollars flowing in as investors seek regulated and liquid investments in cryptocurrency.
Currently, the total assets of this fund have swollen to over $130 billion. Among them, BlackRock's iShares Bitcoin Trust (IBIT) holds the largest share, with nearly $69 billion in assets, making it the world's largest digital asset management company.
Trump is the majority owner of Truth Social's parent company, Trump Media & Technology Group, which has taken a series of cryptocurrency-related initiatives in recent months, from registering trademarks for digital asset products to announcing a $2.5 billion Bitcoin reserve plan in Las Vegas last week.
If this application is approved, it will mark the entry of a highly politically connected company.
