Donald Trump's cryptocurrency business is expected to expand further. With the disclosure of plans to launch a Bitcoin (BTC) exchange-traded fund (ETF) under the name of Trump's social media platform Truth Social, investors' attention is focused.
According to documents submitted to the U.S. Securities and Exchange Commission (SEC), NYSE Arca submitted an application for listing the Truth Social Bitcoin ETF on June 3rd. The ETF will be issued by cryptocurrency asset management firm Yorkville America Digital, which has a partnership with Trump Media & Technology Group. This corporation is the parent company of Truth Social, and Trump is a major shareholder. However, after returning to the White House, he has delegated his shares to his eldest son, Donald Trump Jr.
This ETF is set to track Bitcoin's market price and will be listed on NYSE Arca. While the management fee and ETF ticker name have not yet been revealed, the custody service is expected to be handled by Foris DAX Trust Company, which stores Crypto.com's assets.
President Trump continues to take cryptocurrency-friendly steps, expanding his connection with conservative supporters and young investors. This ETF promotion is interpreted as part of this strategy, and there are suggestions that the Trump brand's influence in the Bitcoin market could be further strengthened.
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