Bullish news for crypto. In addition to the many American spot Crypto Exchange-Traded Funds (ETFs) that are already in circulation, Donald Trump is now coming up with a new fund, this time with a striking own sauce. This is apparent from an official submission to the Securities and Exchange Commission (SEC). What makes it extra special? This is a fund that contains both Bitcoin (BTC) and Ethereum (ETH), unique in the current ETF market.
First spot ETF with Bitcoin and Ethereum
With his own Truth Social, the social media platform of the US President, the company will offer the two largest crypto coins in a single ETF. It is a spot fund, which means that Bitcoin and Ethereum are actually purchased and managed. The official name is significant: Truth Social Bitcoin and Ethereum ETF, BT
The ETF is therefore unique in its kind. It is the very first spot fund that combines both BTC and ETH. The fund is also sponsored by Yorkville America Digital, a party that previously collaborated with Trump. Among other things, it did this with the launch of the America First Bitcoin Fund. Yorkville is responsible for the design of the new ETF and has also submitted the S-1 registration application to the SEC. In addition, they have determined the fund structure, which is strongly in favor of Bitcoin: 75% of the fund consists of BTC, while the remaining 25% is assigned to Ethereum.
De ‘patriot economy’
Whether the fund actually comes, it must still be apparent. Now that the application has been submitted, the SEC will bow over it, a process that will probably take months. Recently, through his Truth Social, Trump already received green light for something else, an investment of no less than 2.3 billion dollars in Bitcoin. This crypto move fits within Trumps wider vision of a “patriot economy”, in which digital independence is central.
It is striking how strong Trump uses crypto, and especially on BTC. Possibly there is much more spectacle waiting for crypto investors. Because as the most powerful man in the world, he can exert an enormous influence on the financial markets.
Source: https://newsbit.nl/trump-dient-uniek-bitcoin-en-ethereum-etf-in-via-truth-social/
