Trump Media & Technology Group, affiliated with U.S. President Donald Trump, has filed with the U.S. Securities and Exchange Commission to launch an ETF investing in both Bitcoin and Ethereum. This is its second crypto ETF filing in less than two weeks.
According to Reuters, the proposed "Truth Social Bitcoin & Ethereum ETF" would compete in a market already led by giants like BlackRock. Yorkville America Digital, which will oversee the fund, intends to allocate three units of Bitcoin for each Ethereum token initially."
Experts remain cautious about its prospects. According to Bryan Armour, an ETF analyst at Morningstar, new players may find it difficult to gain traction unless they offer competitive fees or establish a strong brand identity. CF Benchmarks CEO Sui Chung noted that Truth Social's engagement might help sell the ETF directly to retail investors, perhaps attracting Trump supporters.
Advertisement
Michael Saylor in Talks with Pakistan on Digital Asset Framework
Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), met with Pakistan's Finance Minister Muhammad Aurangzeb and State Minister on Blockchain and Crypto Bilal Bin Saqib to discuss the country's evolving crypto framework. In a video posted by a Finance Ministry official on X (formerly Twitter), Saylor praised Pakistan's potential and expressed interest in serving as an adviser on crypto initiatives.
As Dawn reported, the meeting covered Bitcoin's possible role in national reserves and Pakistan's broader digital asset goals. Saylor mentioned Strategy's experience in creating a large Bitcoin portfolio, which is currently valued over 61 billion dollars as an example of strategic cryptocurrency adoption.
Advertisement
Pakistan is moving forward with its cryptocurrency plans, setting up a regulatory body and outlining intentions to establish a national Bitcoin reserve. Earlier this month, the Pakistan Crypto Council, headed by Saqib, submitted a proposed legal framework. The Finance Ministry is reviewing it on a fast-track basis as part of efforts to position the country as a Web3-ready economy.
Big Crypto Firms May Gain EU Access as MiCA Licensing Draws Scrutiny
As the EU's new Markets in Crypto Assets (MiCA) regulation takes effect, two major cryptocurrency firms, Gemini and Coinbase, are reportedly close to securing licences that would allow them to operate across the 27-member bloc, Reuters reported, citing sources familiar with the matter.
Advertisement
Under MiCA, individual member states can issue licences recognized EU-wide. However, some regulators have raised concerns over how swiftly certain countries are approving applications, particularly Malta. The island nation has already granted licences to firms like OKX and Crypto.com and is now expected to license Gemini, founded by the Winklevoss twins.
According to reports, the rapid pace has drawn scrutiny from other EU regulators, who fear it could lead to a "regulatory race to the bottom." France's AMF has publicly voiced concern over the European Securities and Markets Authority's (ESMA) limited power in supervising national decisions.
Malta's regulator defended its approach, citing years of experience and "In-depth understanding" of the crypto space. ESMA is reportedly preparing a report reviewing Malta's licensing process.
