Trump Explores Integration of Bitcoin ETF in Truth Social's Cryptocurrency Growth Strategy
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Donald Trump is pushing his crypto game further with a new move to introduce a Truth Social Bitcoin ETF - his latest step in a contentious growth spurt within digital assets.
Trump's nemesis, the Truth Social Bitcoin ETF, filed by NYSE Arca on behalf of financial collaborator Yorkville America Digital (of the Trump Media & Technology Group), is slated to mirror Bitcoin's price fluctuations.
If given the green light, this Truth Social Bitcoin ETF will mark a sizeable escalation of Trump's crypto domain, expanding upon a questionable digital portfolio that encompasses meme coins, NFTs, and a mining venture - all of which have sparked debates over potential conflicts of interest.
Truth Social Bitcoin ETF to Share Custodian with Crypto.com
While the finer details, such as management fees and ticker symbols, remain under wraps, the NYSE Arca filing confirms that the fund's purpose is to follow Bitcoin's price movement, minus the Trust's expenses and liabilities. The fund's custodian will be DAX Trust Company, the same organization holding Crypto.com's assets.
Trump's company announced the proposed Truth Social Bitcoin ETF after signing a contract with Yorkville America Digital and Crypto.com in April to roll out a collection of "Made in America" ETFs.
Controversies Surrounding Trump's Crypto expansion
The upcoming Truth Social Bitcoin ETF is all set to fan fresh questions about Trump's growing power in the crypto realm.
Trump, a substantial shareholder in the Trump Media & Technology Group, transferred his shares to a trust controlled by his son, Donald Trump Jr., before stepping into the White House in January to sidestep conflicts of interest allegations.
Nevertheless, concerns persist about Trump's involvement in the crypto sphere, considering that Trump himself wields considerable influence over digital asset policy in the US.
Other Trump-related crypto endeavors include the Official Trump (TRUMP) and Official Melania Meme (MELANIA) tokens, World Liberty Financial (WLFI), multiple NFT collections, a stablecoin, and a mining firm.
In a recent development, WLFI plans to unveil its own crypto wallet soon. However, there seems to be confusion in the market, as Magic Eden, together with the team that launched TRUMP, plan to collaborate in launching the wallet. This was shortly followed by disavowal from the Trump family, stating they had no knowledge of the wallet's planned launch.
"This project is not authorized by @Trump. @MagicEden, I implore caution using our name in a project that hasn't been approved and is unknown to us." - Eric Trump.
They also warned Magic Eden about employing the Trump family name to boost the wallet's market adoption.
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Investors interested in the intersection of finance, technology, and investing might find the upcoming Truth Social Bitcoin ETF noteworthy, as it will share a custodian with Crypto.com. This development, a product of Trump's company's collaboration with Yorkville America Digital and Crypto.com, is anticipated to raise questions about Trump's growing influence in the crypto realm. For the latest updates on this and other related news, jump aboard our Telegram channel for hot news updates.
