Former U.S. President Donald Trump’s media company, Trump Media & Technology Group, has submitted filings for two new cryptocurrency exchange-traded funds to the Securities and Exchange Commission. The proposed Truth Social Bitcoin and Ether ETF and the Truth Social Cronos Yield Maximizer ETF would be developed with Crypto.com and are subject to regulatory approval. The move expands the firm’s crypto initiatives as spot Bitcoin ETFs have recently experienced a four-week streak of net outflows.
Trump Media & Technology Group has filed with the SEC for two ETFs linked to major cryptocurrencies. According to an announcement by its Truth Social Funds arm, the plans include a Bitcoin and Ether ETF and a Cronos Yield Maximizer ETF.
The filing has not yet taken effect and remains subject to SEC review. Both funds would charge a 0.95% management fee.
The Bitcoin and Ether fund aims to track the performance of the two largest cryptocurrencies while capturing staking rewards from Ether. The separate Cronos fund is designed to follow the performance of the CRO token and include staking income.
Crypto.com would provide custody, liquidity, and staking services if regulators approve. Investors would access the ETFs through the exchange’s broker-dealer, Foris Capital US LLC.
Steve Neamtz, president of investment adviser Yorkville America Equities, said, “We plan to provide an investment platform for investors covering multiple aspects of digital and crypto investing with both capital appreciation and income opportunities.” The company has previously partnered with Crypto.com on other crypto initiatives.
The firm announced a deal with Crypto.com and Yorkville America Digital last April to launch ETFs combining digital assets and traditional securities. In September, a deal was reached to create a joint treasury entity centered on accumulating the CRO token.
That initial purchase involved about 684.4 million CRO, then worth roughly $105 million, through a mix of stock and cash. The company is best known for operating the Truth Social social network.
Meanwhile, spot Bitcoin ETFs have faced recent investor withdrawals. According to data from SoSoValue, these funds have seen four consecutive weeks of net outflows.
The latest weekly figure showed $360 million in withdrawals. Outflows included $817.87 million on Jan. 29, $509.70 million on Jan. 30, and $544.94 million on Feb. 4, though there were also positive inflow sessions during this period.
