Trump has another big move in the

Source: Caijing News Agency  

Recently, U.S. President Trump has made new moves in the "crypto space" — Trump Media & Technology Group Corp., in which he holds a majority stake, appears to be one step closer to launching a Bitcoin-linked ETF.  

On Tuesday, Eastern Time, the New York Stock Exchange filed regulatory documents applying to list a Bitcoin ETF related to Trump Media Group's social platform Truth Social — the latest step in Trump's foray into the cryptocurrency sector.  

In February of this year, Trump Media Group applied to register trademarks for multiple investment products closely tied to Trump's policies, including Bitcoin.  

The company has signed an official agreement with New Jersey-based Yorkville Advisors to guide these products through the approval process. These products will be named under the Trump Media brand and offered to global investors through prime brokerage platforms and the Crypto.com app, which has over 140 million users worldwide.  

Yorkville America Digital was listed as the sponsor of the new Truth Social ETF in Tuesday's filing, which will buy and sell Bitcoin to track its price. According to the document, Foris DAX Trust Company will serve as the custodian for the digital tokens.  

Notably, while the ETF is directly named after Truth Social, the filing does not mention Trump or provide the new fund's ticker symbol or fees.  

If approved, the ETF would join more than 60 existing Bitcoin-related ETFs in the U.S. However, compared to other ETFs, this one may particularly benefit from its "special relationship" with President Trump — especially given that Trump has consistently pushed for Bitcoin-friendly legislation and previously proposed establishing a national cryptocurrency reserve.  

"On one hand, this is a relatively uncharted territory and a huge endorsement of Bitcoin by Trump's company," said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence. "On the other hand, the ETF space in this category is already highly crowded, and it may struggle to attract capital and liquidity."  

Although it is unclear when the ETF will receive regulatory approval, given its close ties to Trump, the progress of its approval will undoubtedly draw widespread market attention.  

The ETF is one of many cryptocurrency-related ventures being established by Trump-affiliated companies. Trump Media Group recently also announced it has raised $2.5 billion from institutional investors for Bitcoin investments.  

Trump Media's recent frequent moves in the Bitcoin space have also drawn criticism from U.S. ethics experts, as Trump could formulate Bitcoin-related policies, meaning he could directly benefit economically from this sector.  

**Disclaimer**: The views expressed in this article are solely those of the author and do not constitute investment advice from this platform. This platform makes no guarantees regarding the accuracy, completeness, originality, or timeliness of the article's information, nor shall it be liable for any losses arising from the use of or reliance on this information.