1 day ago
NYSE Arca has submitted a Form 19b-4 filing to the US Securities and Exchange Commission (SEC) seeking support to database the Truth Social Bitcoin ETF, a spot Bitcoin exchange-traded money (ETF) associated with Trump Media & Technology Group (TMTG).
The determination represents TMTG’s latest foray into the cryptocurrency sector, aligning with President Donald Trump’s pro-crypto stance.
The projected ETF aims to supply investors with nonstop vulnerability to Bitcoin’s (BTC) terms movements without the complexities of owning the cryptocurrency outright. The money is designed to simplify concern successful Bitcoin by eliminating operational hurdles associated with nonstop ownership.
TMTG applied to trademark respective concern products nether its Truth.Fi marque earlier this year, including the Truth.Fi Bitcoin Plus ETF, Truth.Fi Made successful America ETF, and Truth.Fi US Energy Independence ETF.
These initiatives bespeak TMTG’s broader strategy to grow its fiscal services offerings and capitalize connected the increasing involvement successful cryptocurrency investments.
The filing follows TMTG’s May announcement regarding plans to raise astir $3 billion to found a Bitcoin treasury reserve, positioning the institution arsenic a important subordinate successful the cryptocurrency space.
The determination aligns TMTG with different corporations that person integrated Bitcoin into their fiscal strategies pursuing Strategy’s occurrence successful pioneering adoption.
Since the SEC approved the archetypal spot Bitcoin ETFs successful January 2024, these concern vehicles person attracted important inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) unsocial amassing implicit $71 billion successful assets nether management.
The increasing popularity of spot Bitcoin ETFs indicates the expanding request for regulated cryptocurrency concern options.
The SEC’s reappraisal process for the Truth Social Bitcoin ETF volition see a nationalist remark play and aggregate valuation stages, with a last determination expected successful the coming months.
As of property clip Bitcoin was trading astatine astir $105,445, reflecting a year-to-date summation of astir 12%.
The station NYSE Arca submits filing to database Truth Social’s spot Bitcoin ETF appeared archetypal connected CryptoSlate.
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