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Trump's TMTG Files for Bitcoin Plus ETF, Challenging "Woke Funds"
Generated by AI AgentCoin World
Thursday, Feb 6, 2025 12:17 pm ET1min read
Trump Media & Technology Group Files Trademark for Truth.Fi Bitcoin Plus ETF and SMA
Trump Media & Technology Group (TMTG) has filed trademarks for a range of exchange-traded funds (ETFs) and separately managed accounts (SMAs) under its Truth.Fi brand, including a Bitcoin Plus ETF and SMA. The company aims to provide investors with a means to invest in American energy, manufacturing, and other firms that offer competitive alternatives to "woke funds" and debanking issues prevalent in the market.
TMTG CEO and Chairman Devin Nunes stated that the company is exploring various strategies to differentiate its products, including those related to Bitcoin. The proposed funds will be custodied by Charles Schwab, with New Jersey-based Yorkville Advisors acting as the investment advisor. The initial investment is set at up to $250 million.
Bloomberg Intelligence senior ETF analyst Eric Balchunas commented on the potential launch of the Bitcoin Plus ETF, noting that while it may not attract the same level of assets as other successful ETFs, its launch adds to the mainstreamification narrative of cryptocurrencies. This development could have implications for Bitcoin prices and broader market sentiment.
TMTG was founded in 2021 and is majority-owned by former U.S. President Donald Trump. The company went public in March 2024 and its stock currently trades on the Nasdaq.
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