Based on materials from the site - By Cryptocurrency Press
Truth Social, a social media division of Trump Media, has officially filed for a Bitcoin and Ethereum ETF with the SEC, planning to list it on NYSE Arca.
By creating a new financial instrument, the ETF application highlights Trump's growing involvement in cryptocurrency, marking a strategic expansion of market offerings. No immediate public reaction has been noted yet.
Trump Media & Technology Group, associated with President Donald Trump, is seeking approval for an ETF with Crypto.com as the exclusive custodian. The registration aims for exposure to both Bitcoin and Ethereum within a structured fund. "Trump Media and Technology Group Corp. announced the filing of an initial registration statement with the SEC for the Truth Social Bitcoin and Ethereum ETF, which will invest 75% in Bitcoin and 25% in Ether. Crypto.com will serve as custodian and execution agent for the ETF, which is designed to reflect the price dynamics of these cryptocurrencies." - Shannon Devine, Investor Relations, Trump Media & Technology Group Corp.
Crypto.com, along with Yorkville America Digital, supports custodial storage and operations. This initiative marks progress in multi-asset ETFs beyond the confines of single-asset ones. Key participants, such as Devin Nunes, have not yet made public comments.
If approval materializes, markets may witness changes in interest towards crypto assets. The potential for institutional adoption remains under close scrutiny. Concerns about regulatory measures persist, and rules are under careful observation by the SEC.
After approval, industry expectations for broader ETF acceptance are rising. The SEC's decision may influence potential outcomes based on data. Historically, the impact of multi-assets remains minimal, underscoring the significance of this step through balancing investment distribution.
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