Truth Social applies for dual crypto ETF

The social media platform Truth Social, run by the Trump Media Group, has filed with the U.S. Securities and Exchange Commission (SEC) for a so-called dual crypto ETF – an investment fund that.

The social media platform Truth Social, run by the Trump Media Group, has filed with the U.S. securities regulator (SEC) a View post on X for a so-called dual crypto ETF – a fund that holds both Bitcoin and Ethereum.

Only two weeks ago the same company had already filed for a separate Bitcoin ETF, which at the time drew criticism due to possible conflicts of interest with President Trump.

"The only thing you can differentiate yourself by now is cost or the brand," says Bryan Armour, ETF analyst at research firm Morningstar. He is pointing to the dominant position of major players like BlackRock and Fidelity in the crypto market.

According to Armour, a specific distribution ratio has been set: the ETF issuer, Yorkville America Digital, intends to hold three Bitcoins for every Ether in the fund initially.

"There is little that's special about this new project, aside from how it's potentially promoted," says Sui Chung, CEO and chairman of CF Benchmarks. Investors should not expect miracles.

In late May, the Trump Media Group announced it planned to invest $2.5 billion in Bitcoin. The example for that seems to be MicroStrategy, the company that holds the most Bitcoin worldwide.

Meanwhile, Trump is under fire for his involvement in crypto projects. Democratic Senator Elizabeth Warren called it a "corruption orgy," and other politicians are calling for investigations and new regulation.