Trump-affiliated media company eyes Bitcoin ETFs through Truth.Fi investment ventures
Let's Chat About Trump's Crypto Adventures
Donald Trump's Tech Group, Trump Media, is cooking up some crypto heat with their Truth.FI brand. They're gunning for exchange-traded funds (ETFs) and separately managed accounts (SMAs), including a potential Bitcoin Plus ETF.
Trump Media has reportedly submitted applications for these bad boys, including a Bitcoin ETF. This endeavor aligns with their "America First" vision, aiming to provide alternatives to traditional financial products that they claim are tainted by "woke" funds and debanking issues.
Short on the details? No worries, TMTG CEO Devin Nunes explains that they're all about setting themselves apart in the crypto wild West. " 'Merica-style," he says, and we're down with that.
Schwab's Got the Keys, 'Yorkville's Got the Vision
TMTG's planning on dropping up to $250 mil on these crypto projects. Charles Schwab will be locked and loaded as the custodian, while Yorkville Advisors will call the shots on product development and regulatory approvals.
Bitcoin Plus: What's That All About?
The specifics of the Bitcoin Plus ETF are still under wraps. However, it's clear that Trump Media's laying down the foundation for something game-changing in the crypto world.
The announcement has got ETF experts talking. Bloomberg's top ETF analyst, Eric Balchunas, reckons that despite Trump's fame, scraping together the big bucks compared to established Bitcoin ETFs might be a struggle. But, hey, any boost for Bitcoin in the mainstream finance game is a win.
Another shark in the water, economist and Bitcoin basher Peter Schiff, speculates that Trump's crypto moves could lower the chances of a U.S. Bitcoin Strategic Reserve. Time will tell on that one!
Trump's Other Crypto Experiment: The Official Trump Meme Coin
While Trump Media dives into the deep end of crypto, Trump's other crypto affair - the Official Trump (TRUMP) meme coin - has hit a bit of a snag. After ballooning to $73.4, the price took a nosedive to $17.6, reflecting a 76% nosedive from its peak. And it seems like the market's still in a bearish mood.
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- Trump Media's Truth.FI brand, under Donald Trump's Tech Group, TMTG, is aiming to enter the crypto world with their proposed Bitcoin Plus ETF and separately managed accounts.
- TMTG is planning to invest up to $250 million in these crypto projects, with Charles Schwab as the custodian and Yorkville Advisors managing the product development and regulatory approvals.
- The Bitcoin Plus ETF is still under development, but it appears to be a game-changer in the crypto world, according to TMTG.
- ETF experts, such as Eric Balchunas of Bloomberg, are discussing the potential impact of Trump Media's ETF, despite challenges in raising significant funds compared to established Bitcoin ETFs.
- Economist and Bitcoin critic, Peter Schiff, speculates that Trump's crypto moves may lower the likelihood of a U.S. Bitcoin Strategic Reserve.
- While Trump Media dives into the crypto world with the Bitcoin Plus ETF, the official Trump meme coin has experienced a price dip, falling 76% from its peak.
