Trump Media & Technology Group Corp DJT is planning to launch an exchange-traded fund (ETF) that invests in Bitcoin BTC/USD, among others, and it has filed with the Securities and Exchange Commission (SEC) for the same.
The new product, named the Truth Social Bitcoin & Ethereum ETF, would be Trump Media’s second crypto ETF filing within two weeks. Trump Media had previously filed for a Bitcoin-only ETF. The filings come at a time when institutions are highly interested in crypto-backed funds, with BlackRock’s iShares Bitcoin ETF IBIT having over $72.5 billion in assets.
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Analysts question whether the product can differentiate itself in an oversaturated market. Morningstar Inc’s MORN Bryan Armour suggested that a competitive edge would be based on low fees or strong branding. Trump Media hasn’t revealed the ETF’s fee structure. Yorkville America Digital, the issuer of the fund, indicated that it will have a 3:1 Bitcoin-to-Ethereum ETH/USD split.
Sui Chung, head of CF Benchmarks, believes that the marketing appeal of the ETF is in the advertising and said that with Truth Social on board, it could be marketed directly to retail investors who are loyal to Trump.
Bitcoin traded at $106,831.24 on Tuesday, down 0.14%.
More Bitcoin Headlines You Should Know
- Singapore-based Artificial Intelligence learning company, Genius Group Ltd GNS has added 52% to its Bitcoin holdings after a favorable court ruling removed a prior investment ban.
The company now owns 100 BTC that it bought for more than $10 million at an average of $100,600 per coin. The company resumed accumulation on May 22 with a $2.7 million investment and confirmed its long-term goal of holding 1,000 BTC.
Genius Group CEO Roger Hamilton said the company was among the first few in the NYSE American exchange to use Bitcoin as a treasury asset, but it was temporarily restricted due to a merger dispute. The dispute led to a court ruling banning it from buying more BTC. The ban is now lifted. - Pakistan is exploring ways to include Bitcoin in its digital economy as senior government officials recently met with Michael Saylor, the executive chairman of Strategy Inc MSTR, which is the largest corporate Bitcoin reserve holder with 582,000 BTC.
In the meeting, Pakistani delegates expressed their determination to transform their country into a digital asset powerhouse of the global south. Saylor supported the move and called Bitcoin the most powerful tool for national development.
Strategy’s own market capitalization has risen from $1.2 billion in 2020 to more than $100 billion, due to its Bitcoin strategy. The recent meeting indicates that Pakistan can make some policy changes to formally adopt digital assets in its economic strategy.
Trading and Technicals
Bitcoin price has been volatile recently as it lost 2.20% in a week and gained 2.72% over the month. The cryptocurrency started last week on an upbeat note and tested a fresh all-time high of around $109,590. After Israel started an airstrike on Iranian targets, however, market sentiment changed, leading to risk aversion.
Bitcoin fell significantly as oil prices and global uncertainty increased, and net taker volume fell to $197 million, which indicates panic-driven capitulation. Bitfinex analysts believe that if Bitcoin holds above the $102,000–$103,000 mark, the selloff can be exhausted soon. The report shows that steep volume declines and sentiment-driven fear are usually followed by bounces.
Despite the geopolitical shock, Bitcoin has recovered and is trading at $106,831.24. Traders are now waiting for a better rebound, particularly if global tensions ease and ETFs grow in popularity.
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