Trump Media seeks to launch a Bitcoin and Ethereum exchange-traded fund.

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Trump Media has formally applied to the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) that invests in both Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization. This is the second ETF filing for digital currencies submitted by the social media company associated with President Donald Trump in less than two weeks. If approved, the "Truth Social Bitcoin" and "Truth Social Bitcoin and Ethereum" ETFs will join a crowded and competitive market already dominated by leading asset management firms such as BlackRock, whose iShares Bitcoin ETF has approximately $72.5 billion in assets, according to Reuters. According to Bryan Armour, an ETF analyst at Morningstar, entering this market with a new fund poses a significant challenge, noting that the only way to stand out is to lower fees or build a strong brand. The filing for the "Bitcoin and Ethereum" ETF did not disclose proposed fees, and Trump Media has not yet released details about the fee structure. It is worth noting that fees for similar products in the market typically amount to around 0.12 percent. Armour pointed out that the latest application includes a specific allocation between Bitcoin and Ethereum, with Yorkville America Digital, the fund's issuer, stating that it expects to initially hold three Bitcoin units for every Ethereum token within the fund's portfolio. Sui Chung, CEO and Chairman of CF Benchmarks, said, "This new venture is not much different from a typical marketing strategy." He added, "Given the fund's affiliation with the Truth Social platform, it is likely to be marketed directly to individual investors, attracting their attention with the same enthusiasm that encourages iPhone enthusiasts to buy Apple stock."