Donald Trump’s company plans to launch crypto exchanges for investments in Bitcoin and Ethereum

Reuters reports that Trump Media & Technology Group, part of Donald Trump’s social media ecosystem, has applied to launch a stock exchange fund that will invest in bitcoin BTC $104,249.70 Bitcoin -1.42% Market capitalization $2.07 trillion VOL. 24 hours $1.67 billion and ethereum ETH $2,488.90 Bridged Ether (StarkGate) -2.65% Market capitalization $0.15 billion VOL. 24 hours $1.49 billion simultaneously. This is the company’s second such initiative in the last two weeks.

If the applications are approved, new products may appear on the market — Truth Social Bitcoin ETF and Truth Social Bitcoin & Ethereum ETF. Analysts note that it will be difficult to compete in the already saturated cryptocurrency market, given the large number of existing offers.

The company has not yet disclosed details about possible fees for investors, but similar products usually have fees of about 0.12%. The new application also clearly defines the ratio of asset allocation between bitcoin and ethereum, although no specific figures have been made public.

Last week, the total capitalization of cryptocurrencies decreased by 0.1%. At the same time, bitcoin’s market share grew by 0.10% and currently stands at 63.8%.