Donald Trump Planning Big Investment in Crypto Segment, Trump Media Seeks Approval for Bitcoin, Ethereum ETF

American President Donald Trump is considered a major supporter of cryptocurrency. In this segment, Trump’s company has decided to make a big investment. Trump Media and Technology Group has prepared to launch exchange traded funds (ETF) for investment in the most popular cryptocurrency bitcoin and ethereum. For this, approval has been sought from the Securities and Exchange Commission (SEC) of the US.

Earlier, some big investment firms including Blackrock have launched spot bitcoin ETF. Blackrock’s Ishares Bitcoin ETF has an investment of more than $ 72 billion. “This market will have a challenge for a new firm in this market,” says Bryan Armour, ETF analyst of Investment Research firm Morningstar. It can be made in this market only through fees or brands. ”

New Bitcoin And the proposed fees in the filing for Ethereum ETF have not been given. Trump Media has not disclosed fees for Bitcoin ETF. Typically, such products have a fee of 0.12 percent. Trump Media has not been answered by Trump Media. Armour has reported that this filing gives information about placing an allocation ratio between Bitcoin and Ethereum. This ETF is estimated to place three bitcoins on each ethereum token.

Last month, Trump Media and Technology Group decided to invest about $ 2.5 billion (about Rs 21,416 crore) in bitcoin. Recently, Trump also signed an order to create a strategic reserve of bitcoin in the US. In the executive order that Trump has signed, it is clear that this most popular Cryptocurrency The amount of taxpayers will not be used to buy. Trump Media and Technology Group reported that about $ 1.5 billion shares and one billion $ one billion convertible notes will be sold for this purchase of bitcoin. These bitcoins will be placed in the balance sheet of Trump Media with cash and short-term investment of about $ 75.9 crore. Crypto.com and anchorage will provide digital custody service for this bitcoin holding.

(This news has not been edited by the NDTV team. It has been published directly from the syndicate feed.)