Trump Media, linked to the U.S. President, has filed with the Securities and Exchange Commission (SEC) to launch an Exchange Traded Fund (ETF) that will track the two largest cryptocurrencies: Bitcoin and Ethereum.
Filing Information for the ETF
According to the filing, the ETF will hold Bitcoin and Ethereum directly, with 75% of its assets allocated to Bitcoin and the remaining 25% to Ethereum. The ETF application was confirmed by a press release from Trump Media Group.
Role of Crypto.com in the ETF
According to the statement, Crypto.com will serve as the exclusive custodian for BTC and ETH for the ETF and will also act as a prime execution agent, providing liquidity and participating in staking.
Regulatory Outlook and New SEC Leadership
With the new SEC leadership adopting a friendlier stance towards the crypto industry, the likelihood of ETF approval increases. This is another step towards growing initiatives supporting digital assets.
The filing for a Bitcoin and Ethereum ETF by Trump Media illustrates a shift in approach towards the crypto industry and opens new opportunities for investors. The SEC's decision is expected to significantly impact the further development of the cryptocurrency sector.
