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Trump Media Files for Bitcoin and Ethereum ETF Amid Crowded Crypto Market

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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.

Peter Thiel-Backed Crypto Firm Bullish Files Confidentially for US IPO

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Bullish, a cryptocurrency exchange backed by Peter Thiel and a unit of blockchain software company Block.one, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission in recent weeks, according to the Financial Times on Tuesday.

Bullish previously attempted to go public via a special purpose acquisition company (SPAC) deal in 2021, but the effort collapsed in 2022 amid heightened regulatory scrutiny and rising interest rates that unsettled equity markets.

Unlike the Biden administration, the Trump administration has adopted a more lenient approach toward crypto regulation, supporting the industry’s policy goals. Under this environment, the Securities and Exchange Commission (SEC) has dropped several investigations.

Bullish aims to leverage renewed investor enthusiasm for digital assets during the current administration, the report added.

The company did not immediately respond to requests for comment, and Reuters could not independently verify the Financial Times report.

Bullish’s filing follows a similar move by crypto exchange Gemini, operated by billionaire twins Tyler and Cameron Winklevoss, which last week disclosed it had confidentially filed for a U.S. IPO.

Gemini Files Confidentially for U.S. IPO as Crypto Markets Regain Strength

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Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States, as digital asset firms capitalize on renewed strength in crypto markets. This move comes amid a surge of successful listings, particularly in high-risk sectors like crypto and fintech, signaling a revival of capital market activity.

The IPO wave reflects pent-up demand after years of regulatory uncertainty and market volatility. Earlier this week, stablecoin issuer Circle made a strong debut on the New York Stock Exchange, encouraging other crypto firms to consider public offerings. “Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded,” said Matt Kennedy, senior strategist at Renaissance Capital.

Gemini has not yet disclosed the size or price range of its offering. The exchange currently offers trading and storage for over 70 cryptocurrencies and aims to join a growing list of crypto-native companies seeking mainstream investment. Kat Liu, vice president at IPOX, noted that Gemini’s filing adds to the sector’s momentum and reflects the growing readiness of digital asset firms to engage with public capital markets.

The timing for Gemini’s IPO coincides with a dramatic rise in the global cryptocurrency market, now valued at approximately $3.3 trillion, with Bitcoin trading above $100,000, according to CoinMarketCap. The recent approval of U.S. spot Bitcoin ETFs has drawn billions of dollars from institutional investors eager for crypto exposure.

Michael Ashley Schulman, CIO at Running Point Capital Advisors, said, “A successful listing would confirm that the crypto thaw is real.” He added that if the trend continues, the IPO calendar could rapidly fill up with fintech, AI, and other tech-related offerings.

This renewed optimism marks a stark turnaround for the crypto industry, which was rocked by the collapse of FTX in 2022 and years of global regulatory scrutiny. However, recent political developments have also helped boost sentiment, with U.S. presidential candidate Donald Trump declaring his support for the sector and pledging to be a “crypto president.”

In May, Coinbase made history by becoming the first U.S. crypto-focused company to join the S&P 500, solidifying crypto’s growing presence in traditional financial markets. Gemini’s IPO filing further underscores the sector’s accelerating financial maturity and its efforts to integrate more deeply into global capital markets.