- Trump Media & Technology Group (owned by Donald Trump) is taking a new step to launch an exchange-traded Bitcoin fund (ETF) under the name **"Truth Social Bitcoin ETF"**, linked to Trump's social media platform.
- The fund will be managed in partnership with Yorkville Advisors, and will track the market price of Bitcoin.
- If approved, it will join more than **60 Bitcoin ETF funds** in the United States.
- Technical details:
- Yorkville America Digital will be the official sponsor of the fund.
- Crypto.com (through its entity Foris DAX Trust Company) will be responsible for custody of the digital assets.
- The trading symbol or applicable fees have not yet been disclosed.
- Political context and criticisms:
- The fund is considered part of Trump's pro-Bitcoin agenda, as he previously proposed the idea of creating a national reserve for cryptocurrencies.
- Analysts believe the fund faces challenges in attracting investors due to intense competition in the Bitcoin fund market.
- Trump's cryptocurrency-related projects have raised ethical criticisms, especially due to the potential for him to financially benefit from policies he oversees.
- Final note:
- Trump recently transferred $4 billion of his company's shares to a trust fund managed by his son, in an attempt to distance himself from business decisions.
Summary:
A new step for Trump in the world of cryptocurrencies through an ETF fund linked to his name, but its success is not guaranteed due to competition and ethical criticisms.#TrumpMediaBitcoinTreasury
