In a significant development for the cryptocurrency market, the Trump Media and Technology Group has filed for two new exchange-traded funds (ETFs) that will provide investors exposure to Bitcoin, Ethereum, and the native token of Cronos, known as CRO. These funds represent a continued effort by former President Donald Trump to establish a foothold in the burgeoning world of digital assets.
The first of the new ETFs, titled the “Truth Social Bitcoin and Ether ETF,” aims to track the performance of the two largest cryptocurrencies, Bitcoin and Ethereum. The second fund, the “Truth Social Cronos Yield Maximizer ETF,” is designed to capture the performance of CRO, which is associated with the Crypto.com platform. Both ETFs will be issued by Truth Social Funds, an entity under Trump Media, of which Trump is the majority owner.
Interest in ETFs that focus on cryptocurrencies has surged, with numerous funds currently available that provide varying levels of exposure to Bitcoin and other digital assets. Notably, various established financial firms such as BlackRock, Fidelity, and Grayscale have entered this space with their own offerings. The involvement of crypto exchange Crypto.com, which has partnered with Trump Media to launch these new products, adds another layer of intrigue to this initiative.
Despite the innovative potential of these ETFs, the announcement has not been without controversy. Some critics have raised concerns following the decision to reissue 70 billion CRO tokens that were previously destroyed, suggesting that the move may undermine the token’s value and investor confidence. Additionally, Trump Media had previously expressed intentions to develop a CRO digital asset treasury, further entwining the company with the cryptocurrency market.
Kris Marszalek, co-founder and CEO of Crypto.com, has expressed optimism regarding the new ETFs, highlighting the strong value proposition they offer to investors. However, the filings come amid scrutiny of the Trump family’s ongoing ventures in the crypto space, which have drawn criticism from political opponents who accuse them of pursuing financial gain at the expense of broader regulatory and ethical standards.
Adding to the controversy, a report from The Wall Street Journal revealed that the Trump Administration had made a deal with the United Arab Emirates, granting them access to American-made AI chips in exchange for investment in World Liberty Financial, a decentralized finance product that involves Trump’s family. This multifaceted approach to cryptocurrency and technology has kept the Trump family at the center of discussions surrounding digital finance, blending political influence with business interests in a rapidly evolving market.
