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Trump Media and Technology Group Corp (TMTG) has recently filed for its second cryptocurrency exchange-traded fund (ETF) focusing on Bitcoin (BTC) and Ethereum (ETH), according to a recent filing to the Securities and Exchange Commission (SEC).
Trump Media Files For Second Crypto ETF
Upon approval by the SEC, this new investment product will be listed on NYSE Arca, a division of the New York Stock Exchange known for handling ETF transactions.
This filing comes shortly after TMTG submitted a prospectus with the Connecticut Attorney General through its Special Purpose Acquisition Company (SPAC) partner, Yorkville America.
Majority-owned by President Donald Trump, Trump Media is ramping up efforts to offer regulated investment opportunities related to blockchain technologies, aiming to provide exposure to the cryptocurrency market.
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Trump Media recently announced plans to raise $2.4 billion to become one of the largest corporate holders of Bitcoin, part of its strategy to diversify and attract a broader investor base.
By introducing multiple crypto-focused ETFs, Trump Media seeks to generate interest in its stock and appeal to cryptocurrency enthusiasts.
However, with existing crypto ETFs in the market, the success of these new funds will depend on their fee structures and competitiveness.
Bitcoin Price Predictions
Currently trading at $106,000, Bitcoin has recovered from a recent dip to $98,000 amid geopolitical tensions between Israel and Iran.
Market analyst Mr. Wall Street predicts Bitcoin could reach $180,000 to $250,000 this year despite external conflicts.
Notably, capital flows from gold to Bitcoin have exceeded $20 billion in the past two weeks, indicating growing institutional interest in Bitcoin as a store of value.
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Mr. Wall Street also highlighted decreasing liquidity in over-the-counter desks, suggesting a potential price surge in Bitcoin.
The hash ribbon indicator recently signaled a 10% correction followed by a 50-125% rally in Bitcoin’s price, with Mr. Wall Street foreseeing significant ROI from current levels.
Despite ongoing geopolitical uncertainties, Mr. Wall Street believes a market breakout is imminent following a period of fear-induced dips.
Featured image from DALL-E, chart from TradingView.com