Trump Media set to launch Bitcoin ETF under Truth.Fi
- President Donald Trump's organization, Trump Media, announced that it would begin issuing ETFs to its customers.
- The company plans to issue a Bitcoin Plus ETF as part of the new funds.
- Trump Media will invest up to $250 million in the instruments, held in custody by Charles Schwab.
Trump Media and Technology Group (TMTG) revealed it applied to register trademarks for brand names connected to the upcoming launch of its own exchange-traded funds (ETFs) and separately managed accounts (SMAs), including a Bitcoin Plus ETF and Bitcoin Plus SMA.
Trump team plans to launch Truth.Fi Bitcoin Plus ETF
Trump Media and Technology Group (TMTG), the media venture majority-owned by US President Donald Trump, is planning to launch its own ETFs and SMAs, according to a Thursday press release.
The instruments will contain six major products, which include the Truth.Fi Bitcoin Plus ETF and Truth.Fi Bitcoin Plus SMA and similar products for Made In America and US Energy Independence.
"We're exploring a range of ways to differentiate our products, including strategies related to Bitcoin," said TMTG CEO and Chairman Devin Nunes in the press release.
The investment vehicles will launch under TMTG's upcoming financial services arm, Truth.Fi — which is set to receive up to $250 million that will be under the custody of Charles Schwab.
Furthermore, Trump Media signed an agreement with Yorkville Advisors to act as the Registered Investment Advisor to the instruments once they launch.
The Truth.Fi Bitcoin Plus ETFs will still be subject to approval by the Securities & Exchange Commission (SEC) once filed.
President Trump's administration continues to push for a positive crypto environment in the US. Several government agency heads have already begun exploring various ways to provide regulatory clarity for the crypto industry.
Acting SEC Chair Mark Uyeda launched a crypto task force headed by Hester Peirce.
The group will focus on establishing proper guidelines for cryptocurrencies while ensuring that current companies meet the proper agency requirements for offering financial services.
Members of the Presidential Working Group are also looking into the feasibility of a Bitcoin strategic reserve, as stated by crypto Czar David Sacks in a press conference on Tuesday.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
