Trump Media’s Truth.fi files trademark for bitcoin “plus” ETF

A week after Trump Media & Technology Group launched financial services and fintech brand Truth.Fi, it’s now applied for trademarks for a slew of “America First-themed” ETFs, including one for bitcoin, the Truth.Fi Bitcoin Plus ETF.

As Bloomberg Intelligence ETF analyst Eric Balchunas noted, this is the first time a US president has launched an ETF, let alone a bitcoin one. Bitcoin’s price, however, didn’t budge much post-announcement, and has dipped to roughly $96,700 as of 12:05 p.m. ET.

In the press release, Trump Media Group CEO and Chairman Devin Nunes said:

“We aim to give investors a means to invest in American energy, manufacturing, and other firms that provide a competitive alternative to the woke funds and debanking problems that you find throughout the market. We’re exploring a range of ways to differentiate our products, including strategies related to bitcoin. We will continue to finetune our intended product suite to develop the optimal mix of offerings for investors who believe in America First principles.”

Alan Orwick, cofounder of Quai Network, told Sherwood News that while this marks a “significant step towards mainstream crypto adoption,” it also raises red flags around the integration of political influence in financial markets.

What’s more, he argued that this move might also dilute the excitement around the anticipated national bitcoin reserve, as it adds another competitor in the crypto investment space. 

“Investors need to critically assess whether these products serve their financial interests or are merely an extension of political branding,” Orwick said.

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider.