Trump Media is pushing deeper into crypto after filing to launch a bitcoin-ether ETF
Mark Humphrey/AP
- Trump's media company has filed to launch a new bitcoin and ether ETF.
- The fund will invest 75% of its assets in bitcoin and 25% in ether, per a regulatory filing.
- The ETF follows a series of crypto moves by Trump and his companies so far this year.
Trump Media & Technology Group wants to launch an exchange-traded fund to invest in the two biggest cryptocurrencies.
Donald Trump's media company filed documents with the Securities and Exchange Commission seeking approval of a new bitcoin and ether ETF on Monday, with the fund aiming to invest 75% of its assets in bitcoin and 25% in ethereum.
Crypto.com will serve as the liquidity provider and prime execution agent of the ETF, the filing said. Trump Media has already partnered with Crypto.com in a deal that offers retail investors access to crypto investments on Truth Social, Trump's social media platform.
The new ETF is the latest push by Trump and his family into the world of crypto.
In May, Trump Media announced it would raise $2.5 billion to create a "Bitcoin treasury," which the firm said was to "expand its reach throughout the America First economy."
"We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets," Devin Nunes, the CEO of Trump Media, said in a statement at the time.
Meanwhile, World Liberty Financial, a digital assets firm backed by Trump and his sons, issued a new dollar-backed stablecoin earlier this year dubbed USD1.
The flurry of crypto maneuvers has solidified a reputation Trump was aiming to cultivate while he campaigned for president. He secured the support of crypto investors on the campaign trail with promises of more favorable regulation and the creation of a national bitcoin stockpile.
He's even dabbled in meme coins.
In the days leading up to his inauguration, the president released a $TRUMP meme coin and promoted the crypto on his Truth Social account.
In May, the president appeared at a private dinner in Washington, DC, for the top 220 investors in his meme coin.