US President Donald Trump’s media conglomerate, Trump Media & Technology Group, has filed paperwork with the US Securities and Exchange Commission (SEC) for two recent ETFs linked to major cryptocurrencies.
As of Friday announcement through its Truth Social Funds arm, the company plans to launch the Truth Social Bitcoin (BTC) and Ether (ETH) ETF along with the Truth Social Cronos (CRO) Yield Maximizer ETF. The filing is not yet effective and remains under SEC review.
“We plan to provide investors with a multi-faceted digital and cryptocurrency investing platform that provides both capital appreciation and income opportunities,” said Steve Neamtz, president of Yorkville America Equities, who will serve as investment advisor to both funds.
The funds will be developed in partnership with cryptocurrency exchange Crypto.com, which is expected to provide custody, liquidity and staking services if regulators approve the products. Investors would have access to the ETFs through the exchange’s broker-dealer, Foris Capital US LLC. Each product is expected to charge a management fee of 0.95%.
Related: ETH ETF holders in a “worse situation” than their BTC ETF counterparts as the cryptocurrency market searches for a bottom
Proposed ETFs to track BTC, ETH and CRO with staking rewards
The Bitcoin and Ether Fund aims to track the combined performance of the two largest cryptocurrencies by market capitalization, while also capturing the staking rewards generated by Ether. Meanwhile, the Cronos Yield Maximizer ETF is designed to track the performance of CRO, Crypto.com’s native Cronos blockchain token, and incorporate staking income.
Trump Media, best known for operating the social network Truth Social, is increasingly exploring cryptocurrency initiatives.
Last April, Trump Media announced a deal with Crypto.com and Yorkville America Digital to launch a set of “Made in America” ETFs combining digital assets and classic securities, including sectors such as energy.
In September, the company also reached an agreement with Crypto.com to form a joint treasury entity focused on raising the CRO token, starting with an initial purchase of approximately 684.4 million CROs worth approximately $105 million in stock and cash.
Related: Bitcoin spot ETFs add $167 million, nearly erasing last week’s outflows
Bitcoin spot ETFs have seen weeks of consecutive outflows
Spot Bitcoin ETFs have seen four consecutive weeks of net outflows, with the latest weekly data showing payouts of $360 million. According to to data from SoSoValue.
The data also shows variable but negative net flows in tardy January and early February. The largest recent payouts included $817.87 million on January 29, $509.70 million on January 30 and $544.94 million on February 4. Positive sessions were smaller, such as inflows of $561.89 million on February 2, $371.15 million on February 6, $166.56 million on February 10 and $145.00 million on February 9, and on Friday only $15.20 million.
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