New Cryptocurrency ETFs Announcement

The announcement noted that the ETFs would offer investors exposure to cryptocurrencies like Bitcoin, Cronos, and diverse industries such as energy.

TMTG CEO and Chairman Devin Nunes stated that the firm aims to create inventive funds focusing on rapid growth, technological innovation, and strengthening the U.S. economy.

The firm did not immediately respond to Decrypt‘s questions.

Crypto.com provides a digital asset trading platform and launched a debit card enabling clients to spend crypto and earn rewards.

The company added that once launched, the ETFs would be available on the Crypto.com app.

What Are ETFs?

ETFs are popular investment vehicles traded on stock exchanges that provide investors exposure to an underlying asset. The SEC authorized Bitcoin ETFs last year, leading to an influx of capital. The 11 funds currently trading manage around $100 million in assets, while Ethereum-focused funds have generated about $2.5 billion in net inflows.

The success of these funds has encouraged major asset managers to file for various ETFs tracking altcoins, including Litecoin, Dogecoin, Cardano, and Solana.

Political Context

Ahead of his November victory, President Trump vowed to support the crypto industry and reduce regulation, with several industry leaders contributing significantly to his campaign.

So far, he has adhered to many of his campaign promises, including the establishment of a Bitcoin strategic reserve.

Decrypt reported Monday that the President Trump-backed decentralized finance project World Liberty Financial had launched its own stablecoin.