- Donald Trump’s media company is moving into the investing business.
- Truth.Fi filed for six new investment products, including a Bitcoin exchange-traded fund.
- The Bitcoin Plus ETF suggests it will offer investors exposure to more than just Bitcoin.
President Donald Trump’s new “fintech” investment platform just added a key detail on its forthcoming offerings — a product called “Bitcoin Plus ETF.”
Building on an announcement made last week, Trump Media & Technology Group, or TMTG, said on Thursday its Truth.Fi venture will offer investors this alongside five other investment products.
The other offerings focus on companies in the energy and manufacturing sectors.
More than BTC
The Bitcoin Plus ETF suggests that the fund would offer investors exposure to more cryptocurrencies than just Bitcoin. For now, US exchange-traded funds only offer Bitcoin and Ethereum.
Brokerage giant Charles Schwab has partnered with Truth.Fi and will help manage offerings called “separately managed accounts” for investors.
“We aim to give investors a means to invest in American energy, manufacturing, and other firms that provide a competitive alternative to the woke funds and debanking problems that you find throughout the market,” said Devin Nunes, the head of TMTG.
The move may draw more criticism that Trump and his family are building a crypto business at the same time his administration is designing a new regulatory regime for the industry.
Ever since he embraced Bitcoin last July, Trump has made his support for crypto a key piece of his second term.
And the record inflows of capital into Bitcoin ETFs have spurred asset management firms to submit applications for a bevy of new crypto ETFs, including some for memecoins.
Bitcoin ETFs rounded out 2024 with the best debut for ETFs in history. They amassed more than $107 billion in assets under management, and now hold nearly 6% of Bitcoin’s total supply.
Memecoins and sneakers
Trump’s $16 billion crypto empire spans memecoins, a DeFi app, Bitcoin-branded sneakers, NFTs, World Liberty Financial, and now Truth.Fi.
His World Liberty Financial holds around $380 million and is run by two of his sons, Eric and Donald Jr. They also hope to make the most of the regulatory tailwinds felt in Washington.
But some are sceptical — his rollout of a memecoin that soared to a $15 billion market valuation before plunging drew fire from crypto users themselves as a “cash grab” that would further tarnish the industry’s brand.
Crypto prices have soared 38% since Trump won the White House on November 5.
A big reason why is Trump’s promise to end the crackdown pursued by Gary Gensler, the former chair of the US Securities and Exchange Commission, and push for new laws governing the marketplace.
Now Trump and his family are poised to benefit from those policy moves.
Pedro Solimano is a markets correspondent based in Buenos Aires. Got a tip? Email him at psolimano@dlnews.com.