Trump Media has taken a step towards launching its crypto ETF backed by Bitcoin and Ethereum. This move aligns with broader trends in the crypto ETF market.
Overview of Trump Media's ETF Application
The SEC has formally acknowledged Trump Media's application to launch a dual Bitcoin and Ethereum ETF. This ETF will be listed on NYSE Arca, providing investors direct access to the two leading cryptocurrencies. According to the application, 75% of the assets will be allocated to Bitcoin and 25% to Ethereum. Crypto.com will serve as the custodian, while Yorkville America Digital will sponsor the fund. The ETF's valuation will rely on CME CF benchmark rates.
BlackRock’s Achievements in Crypto ETFs
BlackRock has reached a new milestone as its Bitcoin ETF now holds over 700,000 BTC, equating to approximately $75.5 billion. This came after recent inflows and positions BlackRock iShares Bitcoin Trust as the dominant entity in the U.S. crypto ETF landscape. Additionally, BlackRock is now generating more revenue from its Bitcoin ETF than from its flagship S&P 500 ETF.
General Market Dynamics of Crypto ETFs
Last month, crypto investment products attracted $1.04 billion in inflows, pushing total assets under management to a record high of $188 billion. Bitcoin investment products led the way, bringing in significant capital, while investor sentiment remains optimistic amid strong institutional demand and market growth.
The SEC's review of Trump Media's ETF application highlights the growing interest in cryptocurrencies and the ETF ecosystem. While BlackRock continues to succeed, the overall trend in crypto investment products reflects increasing capital inflows, signaling lasting investor interest.
