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Trump Media and Technology Group (TMTG) announced its intention to launch a series of exchange-traded funds (ETFs) and separately managed accounts (SMAs) associated with its Truth Social platform, with investment strategies that include Bitcoin. The move is part of TMTG’s broader effort to offer investment products that align with the company’s vision and values.
TMTG, which was founded in 2021 and is majority-owned by former US President Donald Trump, filed trademark registrations on February 6 for various ETFs and SMAs linked to the Truth Social platform and its Truth+ video streaming service. The trademarks registered include names such as Truth.Fi Made in America ETF, Truth.Fi US Energy Independence ETF, and Truth.Fi Bitcoin Plus ETF, among others.
Devin Nunes, TMTG Chairman and CEO, explained that these funds aim to provide investors the opportunity to support American energy and manufacturing sectors, offering an alternative to what he termed "woke funds" and addressing issues related to "debanking." He also mentioned that TMTG is exploring different ways to differentiate its products, with particular strategies related to Bitcoin.
The proposed Truth.Fi funds are expected to receive an initial investment of up to $250 million, which will be custodied by Charles Schwab (NYSE:SCHW). Yorkville Advisors, based in New Jersey, will act as the Registered Investment Advisor for these new offerings.
The announcement of TMTG’s ETFs and SMAs comes amidst a broader push for pro-crypto legislation within the Republican Party. On February 4, GOP congressional leaders announced the formation of a working group focused on crypto and stablecoin legislation, emphasizing the importance of the United States not falling behind in financial technology and digital assets.
In parallel, SEC Commissioner Hester Peirce expressed her commitment to rectify the regulatory "mess" left by former SEC Chair Gary Gensler, with the White House’s newly formed Crypto Task Force recommending that the SEC provide relief for certain coin or token offerings.
TMTG’s stock is publicly traded on the Nasdaq after the company went public in March 2024.
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