Big news in the cryptocurrency world! Trump tries to enter the Bitcoin ETF

Trump's "cryptocurrency ambition" is huge: from registering digital asset product trademarks to announcing a 2.5 billion Bitcoin reserve, he is now setting his sights on a Bitcoin ETF...

US President Trump is continuing to enter the cryptocurrency world.

Truth Social filed a listing application on Tuesday with NYSE Arca, a fully electronic exchange under the New York Stock Exchange, to launch a Bitcoin fund related to the president's media company. Arca is the fully electronic platform under the New York Stock Exchange responsible for most ETF transactions.

This is the latest sign of Trump's entry into the world of cryptocurrency. The application is called Form 19b-4, which is a document that regulators must submit before deciding whether to allow the fund to be launched and traded on US exchanges.

Bitcoin has risen 12.7% so far this year, and its price was running above $105,000 on Thursday.

The fund, called Truth Social Bitcoin ETF, aims to track the price of Bitcoin and provide investors with a simpler way to gain exposure to Bitcoin without directly holding the asset. The filing follows a partnership announced in March between Trump Media and Crypto.com to launch a series of digital asset products later this year, subject to regulatory approval.

The planned products include a basket of cryptocurrencies, such as Bitcoin and Crypto.com’s native token, combined with traditional securities. The products will be launched under the Trump Media brand.

Since its debut in January 2024, the Bitcoin spot ETF has been popular, with billions of dollars flowing in as investors seek regulated, liquid investments in cryptocurrencies.

The fund’s total assets have now swelled to more than $130 billion. BlackRock’s iShares Bitcoin Trust (IBIT) accounts for the largest share, with nearly $69 billion in assets, making it the world’s largest digital asset manager.

Trump is the majority owner of Truth Social’s parent company, Trump Media & Technology Group, which has taken a series of cryptocurrency-related initiatives in recent months, from registering trademarks for digital asset products to unveiling a $2.5 billion Bitcoin reserve plan in Las Vegas last week.

If approved, the application would mark the entry of one of the most politically connected companies in the market.