Trump Media & Technology Group submitted an application to launch an exchange-traded fund that invests in bitcoin and ethereum to expand its operations in the growing cryptocurrency investment market.
The proposed ETF would contain both digital assets in a 3:1 ratio with bitcoin as the dominant asset if the SEC approves its launch. The company filed a separate bitcoin-only ETF application to the SEC during the previous month.
The company enters a competitive market where BlackRock and other major players currently dominate the space. The competition will depend on fees and marketing power according to analysts although the company has not revealed its fee structure.
The ETF will be distributed through Yorkville America Digital which operates as a small player in the crypto ETF market. Trump Media has not made any public statements regarding this filing.
The crypto ETF market has experienced significant growth throughout this year but experts predict that success will require a strong value proposition to overcome market challenges. The Trump brand provides the product with instant market recognition.
The company demonstrates its goal to expand past Truth Social by entering the cryptocurrency market which shows growing interest from both retail and institutional investors.
