President Donald Trump’s Truth Social platform is taking a significant step toward introducing its own Bitcoin exchange-traded fund (ETF). This move is intended to compete with the world’s largest asset managers, who have increasingly adopted cryptocurrencies over the past year.
This initiative comes on the heels of a partnership announced in March between Trump Media and Crypto.com, aimed at developing a range of digital asset products slated for release later this year, contingent on regulatory approval.
These products will be branded under Trump Media and made available to a global audience through major brokerage platforms and the Crypto.com app, which serves over 140 million users worldwide.
According to the CNBC report, if the Truth Social Bitcoin ETF is approved, it would represent one of “the most politically connected entries” into the already successful Bitcoin exchange-traded fund market.
When writing, the TRUMP memecoin trades at $11.21, down over 84% from its all-time high of $73 reached one day after its launch.
Featured image from DALL-E, chart from TradingView.com
