A company owned by the President of the United States, Donald Trump, Trump Media and Technology Group Corp (TMTG) will launch exchange-traded funds (ETF) Bitcoin Plus. This positions Trump as the first US president who has a link to ETFs that expand to financial services.
Bloomberg analyst, Eric Balchunas, revealed that Trump will not directly publish the ETF, his company is leading this initiative.
TMTG has collaborated with Yorkville Advisors, which acts as a registered investment advisor, overseeing regulatory procedures and drafting investment products.
This company has also committed up to US$250 million or around Rp4 trillion for the expansion of its financial services, with Charles Schwab as the custodian. This investment accounts for more than 35% of TMTG's reported cash reserves of $700 million.
TMTG and Other ETFs
Other investment offers under the Truth.Fi brand include ETF Made in America, ETF U.S. Energy Independence, and a separately managed account that focuses on Bitcoin and the US industry.
According to the Chairman and CEO of TMTG, Devin Nunes, this company's new financial product is an alternative to mainstream asset management companies.
TMTG's focus on Bitcoin aims to provide investment options in energy, manufacturing, and other industries in the US in response to traditional funds that promote "woke" policies and financial restrictions.
The launch of Bitcoin ETF occurred when the crypto industry experienced an increase in institutional interest after the approval of several Bitcoin spot ETFs last year in the US.
Data from Farside Investors revealed that the US-based spot Bitcoin ETF has accumulated almost US$40.7 billion or around Rp663.2 trillion net inflows in just one year.
Analysts believe, Trump's ETF is likely to be smaller compared to IBIT BlackRock and FBTC Fidelity, which dominate the market. But at least, this proves that Bitcoin is starting to be "accepted" in the mainstream.
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