Truth Social Parent Trump Media Applies for Dual Bitcoin-Ethereum ETF, Eyes Spot Market Exposure
Trump Media & Technology Group, the parent company behind Truth Social, has filed for a spot market ETF with the US SEC, aiming to launch the "Truth Social Bitcoin and Ethereum ETF, B.T.". This proposed exchange-traded fund stands out as the first US ETF to track both Bitcoin and Ethereum spot prices, with a targeted allocation of 75% to Bitcoin and 25% to Ethereum. The fund may adjust these ratios over time at the issuer’s discretion, Yorkville America Digital LLC. Foris DAX Trust Co. LLC will serve as the ETF’s custodian and liquidity provider. This dual-crypto ETF filing closely follows Trump Media’s earlier application for a Bitcoin-only spot ETF and the SEC’s approval of the company’s plan to allocate $2.3 billion in raised funds for Bitcoin acquisition. These moves reflect an expanding crypto strategy for Trump Media, potentially paving the way for increased institutional and retail participation in both Bitcoin and Ethereum. SEC approval could set a regulatory precedent for hybrid crypto ETFs and stimulate broader market interest, especially among investors motivated by political affiliation and the growing intersection of crypto and US politics.
Bullish
The filing for a dual Bitcoin-Ethereum spot ETF by Trump Media signals growing mainstream, institutional, and politically-affiliated interest in cryptocurrencies. Previous approvals of Bitcoin spot ETFs have correlated with price appreciation and inflows to digital asset products. Adding Ethereum to the mix as part of a regulated ETF may enhance liquidity and open up both BTC and ETH to a broader investor base, particularly in the US, where regulatory acceptance sets powerful precedents. Successful SEC approval could mark a significant milestone, further legitimizing crypto assets and attracting retail and institutional capital. In the short term, anticipation of approval could drive speculative buying. In the long term, it may usher in greater market stability and increased capital inflows, especially if hybrid ETFs become a trend, benefitting both Bitcoin and Ethereum.