Trump Media & Technology Group, the parent company of Truth Social, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) that would invest in both bitcoin and ethereum, the two largest cryptocurrencies by market value.
This marks the company’s second crypto ETF filing in under two weeks, following an earlier bid to launch the Truth Social Bitcoin ETF. If approved, the new Truth Social Bitcoin & Ethereum ETF would enter a highly competitive space already led by financial giants like BlackRock, whose iShares Bitcoin ETF manages $72.5 billion in assets.
ETF analysts say new entrants will struggle to compete without a clear edge. “The only way to stand out will be through fees or brand,” said Bryan Armour of Morningstar. Trump Media has not yet disclosed management fees for either ETF, though competitors typically charge around 0.12%.
The proposed bitcoin and ethereum ETF would initially maintain a 3:1 ratio in favor of bitcoin, according to the issuer Yorkville America Digital. This allocation strategy may help attract retail crypto enthusiasts, especially those aligned with the Truth Social platform.
Sui Chung, CEO of CF Benchmarks, said the move may be less about innovation and more about leveraging brand loyalty: “Given Truth Social’s involvement, it may be marketed directly to individual investors—just like how some people buy Apple stock because they love their iPhones.”
If approved, the ETFs could appeal to politically engaged investors and retail traders loyal to former President Donald Trump, further blending political branding with financial products in the digital asset space.