Trump Media and Technology Group to Launch Bitcoin ETF and Other Funds
In a bold move, U.S. President Donald Trump’s media firm, Trump Media and Technology Group (TMTG), has announced plans to introduce a series of exchange-traded funds (ETFs), including one that will track the price of bitcoin (BTC). This exciting development was revealed in an announcement made on Thursday.
The ETFs, which will be launched under the brand name Truth.Fi, will comprise three initial offerings. Among these is the Truth.Fi Bitcoin Plus ETF, specifically designed to cater to cryptocurrency investors. The other two funds include the Truth.Fi Made in America ETF and the Truth.Fi Energy Independence ETF.
While the company has indicated that it plans to launch these innovative products within the current year, it has not provided a specific timeline for their debut. The U.S. Securities and Exchange Commission (SEC) will be responsible for the review and approval of these ETFs once they are officially filed.
Notably, Trump has nominated Paul Atkins to take over as the new chair of the SEC following the exit of Gary Gensler, who departed from the agency upon Trump’s inauguration in January. In a statement, TMTG CEO and Chairman Devin Nunes emphasized the company’s objective: “We aim to give investors a means to invest in American energy, manufacturing, and other firms that provide a competitive alternative to the woke funds and debanking problems that you find throughout the market.” He further noted that the firm is exploring various strategies to set its products apart, including those related to bitcoin investments.
The funds will be custodied by Charles Schwab, with investment advisory services provided by Yorkville Advisors, based in New Jersey.
This announcement comes on the heels of several successful spot bitcoin ETFs that launched in January 2024, which quickly attracted billions in capital from both retail and institutional investors. For instance, BlackRock’s iShares Bitcoin Trust (IBIT) amassed over $52.3 billion in assets during its first year, a feat attributed to significant inflows and a notable rise in bitcoin’s market price, marking it as the most successful ETF launch in U.S. history.
According to Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, while TMTG’s bitcoin ETF may not achieve the same level of success as IBIT or other major players, it still holds considerable significance. He remarked, “Despite Trump’s brand, these will likely be microscopic in asset gathering compared to IBIT, FBTC et al.” However, he acknowledged that the mere launch of these funds contributes to the broader narrative of mainstream acceptance of cryptocurrency investments, which is an important aspect of the evolving financial landscape.
