ISTANBUL

US President Donald Trump's social media firm filed a registration statement to US Securities and Exchange Commission (SEC) on Monday for a bitcoin and ethereum exchange-traded fund (ETF).

"The ETF will hold Bitcoin and Ether directly, with 75% of its assets invested in Bitcoin and 25% in Ether, and offer its shares to investors, aiming to reflect the price performance of Bitcoin and Ether," a statement from Trump Media said.

Crypto.com will be the exclusive bitcoin and ethereum custodian and prime execution agent, as well as staking and liquidity provider of this ETF.

It stated that the launch of the Truth Social Bitcoin and Ethereum ETF depends on the entry into force of the registration statement and the approval of the company's rule change application by the SEC, and that shares of the ETF will start trading on the NYSE Arca stock exchange after the introduction.

Trump Media is the operator of the social media platform Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi.

Trump doing business in cryptocurrency while simultaneously promoting cryptocurrency in his role as president has drawn controversy, as previous US presidents divested business holdings or put them into a blind trust.