Trump-Linked Truth Social Files for Bitcoin, Ethereum and CRO Staking ETFs
Trump Media and Technology Group is increasing its push into digital property, submitting for two new cryptocurrency exchange-traded funds tied to Bitcoin, Ether and the Cronos ecosystem.
Key Takeaways:
- Trump Media filed for two crypto ETFs monitoring Bitcoin, Ether and the Cronos token.
- The Cronos fund would come with staking rewards with Crypto.com offering custody and providers.
- The transfer deepens ties between US politics and the rising crypto funding sector.
Truth Social Funds, the ETF arm of the corporate behind the Truth Social platform, submitted functions Friday for the “Truth Social Bitcoin and Ether ETF” and the “Truth Social Cronos Yield Maximizer ETF.”
The filings mark another step within the rising overlap between US politics and the crypto funding trade.
Truth Social ETFs Target Bitcoin, Ether and CRO With Staking Rewards
The proposed Bitcoin and Ether ETF would monitor the efficiency of the 2 largest cryptocurrencies, reportedly utilizing an allocation weighted towards Bitcoin.
The Cronos product, in the meantime, would offer publicity to CRO, the native token of the Crypto.com-linked Cronos blockchain, whereas additionally providing staking rewards to buyers.
Crypto.com is partnering with Trump Media on the merchandise and is anticipated to offer custody, liquidity and staking providers.
CEO Kris Marszalek mentioned the corporate helps the funds and plans to allow buying and selling entry as soon as they launch.
The new filings comply with a earlier settlement between the companies to introduce crypto funding merchandise and proceed a broader technique by Trump Media to determine a presence in digital finance.
The firm had already sought approval for a standalone Bitcoin ETF and a multi-asset crypto fund that included a number of main tokens.
The ETF market is more and more aggressive. Asset managers similar to BlackRock, Fidelity and Grayscale already function broadly traded Bitcoin funding autos, giving buyers oblique publicity to crypto with out holding tokens immediately.
Trump Media has additionally signaled curiosity in integrating blockchain past ETFs.
The firm lately mentioned it intends to distribute a new digital token to shareholders on the Cronos community and beforehand disclosed plans for a company crypto treasury involving CRO.
The enlargement has drawn political scrutiny, with critics arguing the president’s enterprise ventures may create conflicts of curiosity, significantly as regulatory selections affecting digital property are debated in Washington.
Last yr, Trump Media additionally announced a partnership with Crypto.com to carry prediction markets to the social media platform, positioning it as the primary publicly traded social media firm to combine such know-how.
Bitcoin Loses 25,000 Millionaire Addresses Under Trump
As reported, Bitcoin has shed roughly 25,000 millionaire addresses within the yr since Donald Trump returned to the White House, whilst US coverage shifted towards a extra crypto-friendly stance.
Blockchain information exhibits the variety of addresses holding a minimum of $1 million in BTC fell about 16% yr over yr, suggesting regulatory optimism has not translated into sustained on-chain wealth development.
The pullback was much less extreme among the many largest holders. Addresses with greater than $10 million in Bitcoin declined by about 12.5%, indicating that top-tier buyers had been higher in a position to stand up to value volatility, whereas wallets close to the millionaire threshold had been extra uncovered to market swings.
Much of the rise in Bitcoin millionaire addresses occurred earlier than Trump took workplace, pushed by a late-2024 rally fueled by election-related optimism and expectations of deregulation.
The publish Trump-Linked Truth Social Files for Bitcoin, Ethereum and CRO Staking ETFs appeared first on Cryptonews.
