Trump Media requests ETF combined from BTC and ETH after receiving approval for Bitcoin Treasury
By Hannah Pérez
Trump Media, the Social Truth operator, presented an S-1 record for a combined Bitcoin and Ethereum ETF before the SEC. He also said apart that he is ready to buy his first bitcoins for his treasury.
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- Trump Media looks for another cryptocurrency ETF through social truth.
- Trump’s media and entertainment company presented S-1 to the SEC.
- It seeks to launch an ETF that provides combined Bitcoin and Ether exhibition.
- In addition, he revealed that he is ready to start his Bitcoin treasury.
- He could make his first purchase of Bitcoins at any time.
Trump Mediathe media and entertainment company behind the social network Social truthyou are looking to offer more financial vehicles with exposure to cryptocurrencies as it builds a strategy of Bitcoin for your treasury and business.
In a press release on Monday, the company owned by President Donald Trump, indicated that he has submitted a request before the US stock and values commission. Bitcoin and Ethereum.
In particular, the company introduced an S-1 form for a product entitled “Truth Social Bitcoin and Ethereum ETF“, Which would maintain the two greatest cryptocurrencies in the world providing investors direct exposure.
The movement confirms the company’s ambitions to start offering regulated financial products associated with the new asset class. In January, Trump Media He had presented a new business strategy, with plans to launch financial services and invest in cryptocurrencies such as Bitcoin For your corporate treasury.
At the beginning of the month, the company confirmed these plans when it registered to launch an ETF of Bitcoin in cash in the US.
BTC and ETH combined ETF request
The last proposal is different from the previously proposed fund, called “Truth Social Bitcoin“, Which would track the price of Bitcoin.
Trump Media said his statement that “Truth Social Bitcoin and Ethereum ETF“I would have 75% of its assets invested in Bitcoin (BTC) and 25% in Ethereum (ETH) with the objective of reflecting the performance of the prices of both cryptocurrencies. The exchange Crypto.com It will act as exclusive custodian and main execution agent, as well as provider of participation and liquidity.
The S-1 is a document used to register an offer of securities supported by assets that is introduced before the SEC. Together with form 19b-4 form, necessary to propose a change of norm, both records make up the two-step process for the approval of an ETF by the SEC.
Social truth, In alliance with the bag NYSE ARCA, He previously charged both documents for his exclusive ETF proposal Bitcoin. Crypto.com It was also selected as custodian for that fund, still pending regulatory approval.
The company expects both of their ETF to lite and negotiate in NYSE ARCA Once the sec of its approval, thus joining a broader offer of ETF of Bitcoin and Ethereum available in US stock exchanges.
Trump Media ready to assemble your Bitcoin treasury
Meanwhile, in a separate advertisement, Trump Media He also indicated that the SEC has declared effective the previous registration of the company to carry out a treasury plan Bitcoin.
At the end of May, the Trump company said it had officially closed a previously announced private financing round of approximately USD $ 2.3 billion, with the aim of establishing a corporate treasury in Bitcoin. Capital raised about 50 institutional investors, and has already been unlocked to be used for the purchase of Bitcoin.
The firm refused to detail how much Bitcoin Plan to acquire and when you plan to carry out the purchase. Instead, the statement affirms that Trump Media “… Will acquire its holdings related to Bitcoin and Bitcoin in the amounts and in the timeline that it deems optimal“, According to the news media The Block citing the writing.
The prospect also suggests that the company may raise up to USD $ 12 billion of shares, debts or bonds at any time, according to coverage. Two weeks ago, the company had already registered an issue plan of 84.6 million shares, with the objective of a collection of that size, before the SEC, as we reported then.
At the beginning of the year, Trump Media launched Truth.fia Fintech brand with cryptocurrency ambitions, as part of its new approach. The press release calls Truth.fi “A brand of financial services and Fintech that incorporates America investment vehicles“
In the wave of Bitcoin treasury
Once you buy your first Bitcoins, Trump Media It will formally join the growing list of public companies in the United States and the rest of the world that opt for some type of treasury Bitcoin. Little more than 200 public companies currently monopolize 821,694 BTC, or the equivalent of almost 4% of the total supply of 21 million Bitcoinaccording to data from Bitcintreasuries.
Earlier, the pioneer in this play, Strategyannounced an additional acquisition of 10,100 BTC, taking its treasure to 592,100 BTC. Also Metaplenet He revealed a purchase. American Bitcoina recently launched company of cryptocurrency mining backed by Trump’s children, pursues this same treasury ambition.
Hannah Estefanía Pérez / Diariobitcoin
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