Trump Media & Technology Group has officially filed a proposal with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) that would invest in both Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalisation.
This marks the second crypto ETF filing in under two weeks from the media company tied to former U.S. President Donald Trump, signalling its deepening involvement in the digital asset market.
Truth Social’s Crypto ETF Ambitions Grow
If approved, the new Truth Social Bitcoin & Ethereum ETF would join the previously filed Truth Social Bitcoin ETF, placing Trump Media in direct competition with established players like BlackRock, whose iShares Bitcoin ETF already commands $72.5 billion in assets.
“It will be a challenge for any new entrant in this market,” said Bryan Armour, ETF analyst at Morningstar. “The only way to stand out will be through fees or brand.”
Details of the Proposed ETF
The filing reveals that the ETF will hold a specific allocation ratio between Bitcoin and Ethereum:
- 3 Bitcoins for every 1 Ethereum token
- The fund will be managed by Yorkville America Digital
- Proposed fees have not been disclosed, and Trump Media has also not revealed fees for its Bitcoin-only ETF
Comparable ETFs typically have fees around 0.12%, but competitive pricing or brand recognition could be the deciding factor for attracting investors.
A Crowded but Evolving Market
The crypto ETF space is increasingly competitive, with major financial institutions already offering similar products. However, the Truth Social branding may offer a unique angle:
“There is little that is different about this new venture other than the way it could be marketed,” said Sui Chung, CEO and chairman of CF Benchmarks.
“Given Truth Social’s involvement, it may very well be that these ETFs are marketed directly to individual investors—similar to how loyal Apple users buy Apple stock.”
What’s Next for Trump Media’s Crypto Push?
As the SEC reviews the filing, industry analysts will be watching to see if Trump Media can:
- Gain regulatory approval amid ongoing scrutiny of crypto-based financial products
- Differentiate its ETF offerings in a market dominated by established asset managers
- Leverage its Truth Social platform and Trump’s personal brand to attract retail investors
Trump Media did not immediately respond to requests for comment.
