Simply put
- Trump Media’s Truth Social Fund has submitted applications for two new cryptocurrency ETFs, focusing on Kronos, Ethereum, and Bitcoin.
- The Bitcoin and Ethereum ETF aims for a 60:40 split between BTC and ETH, leaning more heavily toward Bitcoin.
- Shares of DJT closed up by approximately 0.8%, although they’ve seen a nearly 39% decline over the last six months.
Truth Social Fund, associated with the Trump Media and Technology Group, has recently filed to introduce two ETFs that concentrate on the performance of Cronos (CRO), Bitcoin, and Ethereum.
The newly proposed ETFs, named the Truth Social Cronos Yield Maximizer ETF and the Truth Social Bitcoin and Ether ETF, are being developed in collaboration with Crypto.com. This company will serve as the custodian for the digital assets involved and will provide staking services.
Chris Marszalek, co-founder and CEO of Crypto.com, expressed enthusiasm about the partnership in a statement. He noted that these ETFs present a compelling value proposition, bolstered by Crypto.com’s support, and he looks forward to making them accessible to traders.
The Cronos ETF is specifically designed to mirror the performance of CRO, which is a token on the Cronos blockchain connected to Crypto.com. Additionally, this ETF will allow for the staking of Cronos tokens.
In contrast, the Bitcoin and Ether ETF is a joint initiative that seeks to track the two leading cryptocurrencies by market cap, targeting a 60:40 ratio of BTC to ETH. Similar to the Kronos fund, this ETF will also provide staking rewards from Ether holdings to its investors.
These recent filings mark the continuation of Trump Media’s efforts in the crypto ETF space, following earlier propositions for a Bitcoin ETF last June and a Crypto Asset Blue Chip ETF that encompassed other cryptocurrencies like Solana and XRP.
The anticipated launch date for these ETFs is in the coming months, as noted by Bloomberg ETF analyst Eric Balchunas.
In terms of the company’s current situation, the “America First” ethos is reflected in their offerings, which include the Red State Real Estate ETF, the American Security and Defense Fund, and the “American Icons” ETF featuring companies such as Walmart and Home Depot.
Both of the new funds will be managed by Yorkville America Equities, an investment advisor specializing in America First investments.
On Friday, shares of Trump Media, which runs the Truth Social platform, experienced a slight increase, closing at $10.98, though they have plummeted nearly 39% in the past six months.
