US President Donald Trump's media group, Trump Media & Technology Group, has filed documents with the US Securities and Exchange Commission (SEC) for 2 recent exchange traded funds (ETFs) linked to major cryptocurrencies.
According to an announcement from the Truth Social Funds arm on Friday, the corporate plans to launch the Truth Social Bitcoin (BTC) and Ether (ETH) ETF alongside the Truth Social Cronos (CRO) Yield Maximizer ETF. The filing has not yet turn out to be effective and stays subject to review by the SEC.
“We plan to supply investors with an investment platform that covers multiple facets of digital and crypto investing, providing each capital appreciation and income opportunities,” said Steve Neamtz, president of Yorkville America Equities, who will function investment advisor to each funds.
The funds could be developed in collaboration with crypto exchange Crypto.com, which is predicted to supply custody, liquidity and staking services if regulators approve the products. Investors would access the ETFs through the exchange's broker-dealer, Foris Capital US LLC. Each product is predicted to be subject to an administration fee of 0.95%.
Suggested ETFs to trace BTC, ETH and CRO with staking rewards
The Bitcoin and Ether Fund goals to trace the combined performance of the 2 largest cryptocurrencies by market capitalization while capturing the staking rewards generated by Ether. The Cronos Yield Maximizer ETF, then again, is designed to trace the performance of CRO, the native token of Crypto.com's Cronos blockchain, and takes under consideration stake income.
Trump Media, best known for running the social network Truth Social, has turn out to be increasingly involved in cryptocurrency initiatives.
In April last 12 months, Trump Media announced an agreement with Crypto.com and Yorkville America Digital to launch a series of “Made in America” ETFs that mix digital assets and traditional securities, including sectors similar to energy.
In September, the corporate also reached an agreement with Crypto.com to ascertain a joint treasury unit focused on accumulating the CRO token. The first purchase was made with an initial purchase of roughly 684.4 million CRO, valued at roughly $105 million, through a mixture of stocks and money.
Spot Bitcoin ETFs are seeing consecutive outflows for weeks
According to data from SoSoValue, spot Bitcoin ETFs have recorded 4 straight weeks of net outflows, with essentially the most recent weekly figure showing $360 million in withdrawals.
Spot the outflow trend in Bitcoin ETFs. Source: SoSoValue
The data also shows volatile but net negative flows in late January and early February. The largest recent withdrawals included $817.87 million on January 29, $509.70 million on January 30, and $544.94 million on February 4. Positive sessions were smaller, similar to inflows of $561.89 million on February 2, $371.15 million on February 6, $166.56 million on February 10 and $145.00 million on February 2. 9, with just $15.20 million coming in on Friday.
Big questions: Would Bitcoin Survive a 10-Year Blackout?
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