Trump Media and Technology Group files two new crypto ETF proposals following SEC delay
Quick Take
- Trump Media and Technology Group Corp. is looking to list a Bitcoin and Ethereum ETF, as well as a fund tracking the native token of the Cronos blockchain developed by Crypto.com.
- Last August, the SEC delayed deciding on several of TMTG’s crypto ETF proposals.
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After a suite of crypto ETF proposals was delayed by the U.S. Securities and Exchange Commission, Trump Media and Technology Group Corp. (Nasdaq, NYSE Texas: DJT) is once again filing to list a Bitcoin and Ethereum ETF, according to an announcement on Friday.
The firm is also looking to launch a Truth Social Cronos Yield Maximizer ETF that would track the native token for Crypto.com, the crypto exchange with a longstanding relationship with the Trump enterprise. Both funds will offer access to network staking rewards and use asset manager Yorkville America Equities as an advisor.
"We are pleased to be selected to provide digital asset custody, liquidity, and staking services for these new Truth Social Funds ETFs," Crypto.com CEO Kris Marszalek said. "These two digital asset ETFs have a strong value proposition that Crypto.com is supportive of and look forward to providing traders access to."
Trump Media and Technology Group, a bit of an umbrella company for the Trump family’s many non-real-estate-related businesses, most notably the Truth Social brand, first signaled it was getting into the crypto investment game last June, when it filed a registration statement for a spot bitcoin ETF.
The firm partnered with Crypto.com and Yorkville to launch a suite of crypto-related funds and other investment vehicles designed to invest in the "American Exceptionalism." This included a Bitcoin and Ethereum fund and a "Crypto Blue Chip" ETF tracking a basket of tokens like BTC, ETH, SOL, XRP, and CRO (i.e., Crypto.com's Cronos coin).
Although the SEC has notably sped up its approval process for crypto ETFs, the agency delayed deciding on a number of proposals, including Truth Social's suite of funds, in August. Only a handful of funds that stake their underlying assets have received approval, and funds tracking small-cap altcoins remain harder to list.
If approved, Truth Social’s new ETFs would both have a 0.95% management fee. Purchases will be conducted by Crypto.com's broker-dealer, Foris Capital US LLC.
Trump Media and Technology Group has partnered with Crypto.com on a number of ventures, including a prediction market and CRO token treasury. A forthcoming non-equity rewards token for DJT stockholders may also tap the Cronos blockchain. Crypto.com and Anchorage Digital also support Trump Media's Bitcoin treasury.
On Thursday, Trump Media separately announced the deadline date for brokerages to submit information on DJT shareholders to receive the token distribution.
Former California Congressman Devin Nunes left office in 2021 to become CEO of Trump Media & Technology Group. In December, TMTG announced it was pursuing an all-stock merger with fusion power company TAE Technologies.
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