Trump Media and Technology Group (TMTG) has filed its first amended registration statement with the Securities and Exchange Commission (SEC) for the Truth Social Bitcoin ETF, advancing plans to enter the fast-growing spot Bitcoin ETF market.

The ETF, to be listed on NYSE Arca under the ticker B.T., will hold Bitcoin (BTC) directly and seek to track the flagship crypto’s market price. Crypto.com will act as the exclusive custodian, prime execution agent, and liquidity provider, while Yorkville America Digital will serve as the ETF’s sponsor.

The ETF’s structure allocates 70% of its assets to Bitcoin, with 15% in U.S. Treasury securities and 15% in cash or cash equivalents, aiming to balance exposure to the crypto with traditional financial instruments.

The launch remains subject to SEC approval of both the updated Form S-1 registration and a separate Form 19b-4 listing application. The company has not provided a specific launch date but indicated it expects the fund to go live before year-end.

TMTG, parent of the Truth Social social platform, streaming service Truth+, and fintech brand Truth.Fi, said the ETF forms part of a broader Bitcoin-focused strategy.

The strategy includes building a corporate Bitcoin treasury and expanding into digital asset products through its financial services division. The company has already committed substantial capital to Bitcoin acquisitions this year, positioning itself among the more aggressive corporate entrants into the sector.

If approved, the Truth Social Bitcoin ETF would enter a competitive landscape dominated by heavyweight issuers such as BlackRock, whose spot Bitcoin ETF has drawn billions in inflows since the first U.S. approvals in January and set multiple records.

The ETFs have attracted a mix of institutional and retail investors seeking regulated exposure to Bitcoin without the need for self-custody.

The filing also highlights the political dimension of TMTG’s crypto ambitions. President Donald Trump, the company’s majority shareholder, has made digital assets a policy priority, pledging to roll back what he calls restrictive regulations and promote U.S. leadership in the crypto economy.

A spot Bitcoin ETF tied to a political brand of Trump’s profile would be unprecedented in the market, potentially attracting a distinct investor base but also intensifying public and regulatory scrutiny.

The timing of the filing reflects an environment where spot Bitcoin ETFs are gaining mainstream acceptance and competitive differentiation is becoming critical. While the SEC has approved multiple products this year, new entrants face the challenge of building liquidity and investor trust in a market already served by established issuers.

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The world’s largest asset manager, BlackRock, should not be allowed to launch a Solana exchange-traded fund (ETF) simultaneously with the US-based issuers who have already filed for one, says ETF analyst James Seyffart.

“That’s messed up,” Seyffart told ETF analyst Nate Geraci in a video published to YouTube on Saturday, discussing a hypothetical scenario where BlackRock — despite no filing so far — jumps in at the last minute with a spot Solana (SOL) ETF and launches alongside firms that applied months ago.

The smaller firms put in all the hard work, Seyffart says

“That shouldn’t happen,” Seyffart said. “These smaller issuers, these guys have spent so much time working with the SEC getting the paperwork right,” he added.

VanEck was the first US firm to apply for a spot Solana ETF in June 2024. Other Solana ETF bidders include Bitwise, Grayscale, Invesco, 21Shares, CoinShares, Canary Capital, Franklin Templeton and Fidelity Investments.

Since the initial filing, the SEC has issued several delays in its approval decision and requested amended application forms to gain greater legal clarity on the proposed products.

However, Seyffart is leaning toward the view that BlackRock will instead launch a crypto index product tracking the spot prices of several cryptocurrencies beyond the two largest, Bitcoin (BTC) and Ether (ETH).

BlackRock may swoop in if demand is high

“That’s what I would do if I were BlackRock,” Seyffart said.

NovaDius president Nate Geraci said BlackRock may be waiting for its competitors to launch other crypto products first in order to gauge market demand. “If the demand looks like it’s going to be really good, perhaps they can just swoop in,” he said.

Related: Traders bet on $200K year-end Bitcoin, but real odds tell a different story

Geraci also said that if BlackRock chooses not to file, they may be “making a market call that it is just going to be Bitcoin and ETH and nothing else.”

However, Seyffart says it’s not a major risk for BlackRock if they don’t file for another crypto ETF as approximately 90% of the crypto market cap is in Bitcoin and Ethereum. “Even if they don’t, I don’t think it is that big of a miss,” he said.

“It obviously is not going to be what it is and was for Bitcoin, and like I said, I’m pretty bullish on the demand I see for index products,” Seyffart said.

Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’

]]> https://earlybirdsinvest.com/blackrock-launching-a-sol-etf-in-first-wave-would-be-messed-up-analyst/feed/ 0 52294 https://earlybirdsinvest.com/interactive-brokers-weighs-launching-customer-stablecoin-to-power-24-7-funding/ https://earlybirdsinvest.com/interactive-brokers-weighs-launching-customer-stablecoin-to-power-24-7-funding/#respond Tue, 29 Jul 2025 08:45:13 +0000 https://earlybirdsinvest.com/interactive-brokers-weighs-launching-customer-stablecoin-to-power-24-7-funding/

Interactive Brokers is considering launching a stablecoin for customers, a move that would add one of the world’s largest discount brokerages to the list of firms using crypto, Reuters reported on July 28.

Founder Thomas Peterffy said in an interview with the newswire that the company is “working on potentially issuing stablecoins.” However, a final decision on the structure and rollout has not been made. 

In parallel, the broker is establishing instant, round-the-clock stablecoin funding for brokerage accounts and providing support for asset transfers in commonly traded cryptocurrencies.

Diving deeper

Interactive Brokers, valued at approximately $110 billion, already offers crypto trading through partnerships with Paxos and Zero Hash, an exchange infrastructure provider in which it is an investor. 

Among the options on the table, the firm could allow customers to fund accounts with stablecoins issued by other financial institutions, provided the issuer’s credibility is established.

Peterffy has already voiced skepticism about cryptocurrencies in the past and said he remains cautious, even as client demand grows. He added:

“It’s basically hard to grasp its fundamental value. If we see people adopting it and ascribing a value to it, I’m okay with that, but I’m still not convinced.”

Stablecoins are digital tokens designed to track the value of a stable asset, typically the US dollar, and are used to transfer value across borders without relying on traditional banking systems.

Interactive Brokers’ rival, Robinhood, unveiled the Global Dollar Network last year. The initiative is a consortium effort centered on USDG, a dollar-pegged stablecoin issued by Paxos. 

The competitive backdrop highlights how large retail platforms are racing to wrap core brokerage services, such as deposits, withdrawals, and collateral management, around stablecoin rails.

Hedging against disruption

Interactive Brokers has been pushing into adjacent bets on market structure. Last year, it launched ForecastEx, a prediction market that allows investors to buy “yes” or “no” contracts tied to specific questions, a product the firm views as a hedge against disruption to its core equities, futures, and options franchise, as well as crypto. 

The company ended June with approximately 3.87 million customer accounts, up 32% from the same period a year earlier, as trading activity remained elevated during a year of policy-driven volatility. 

Its shares have gained roughly 47% year to date, outpacing a sector index that has risen about 20%. Analysts at Morningstar recently called the predictions market and crypto offerings an “effective hedge” for the business.

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The sixth-largest bank in the US just announced a strategic partnership with Coinbase in a push to massively expand digital asset access for banking clients and institutional investors.

PNC says it will allow customers to buy, hold and sell Bitcoin and crypto assets while also providing banking and treasury management services for Coinbase.

In a press release, PNC says it will roll out an “initial offering” to enable the purchase and custody of crypto assets.

“This partnership brings together PNC’s legacy of client service and innovation with the institutional-grade infrastructure of Coinbase’s Crypto-as-a-Service (Caas) platform to power secure, scalable crypto access for PNC’s clients. PNC and Coinbase will work together to develop an initial offering that will allow clients to buy, hold and sell cryptocurrencies.”

PNC CEO Bill Demchak tells CNBC the partnership will support clients who use stablecoins for payments, empowering digital money movement across retail, wealth and corporate clients.

“We’re not going to produce a stablecoin per se, certainly not in our own name, but we’ll be a wallet, a provider for any coin that any of our clients want to use.”

Demchak says PNC and Coinbase explored a similar partnership years ago but paused due to regulatory restrictions.

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Financial services giant Charles Schwab could soon roll out Bitcoin (BTC) and Ethereum (ETH) trading, according to the firm’s chief executive.

Charles Schwab CEO Rick Wurster says in a new interview with CNBC that they want to expand services for their clients, who are already significantly invested in crypto.

“Our clients hold more than 20% of the exchange-traded product crypto in the entire industry, so they’re invested. It’s still only about $25 billion out of the $10.8 trillion that our clients have, so it’s still relatively small, but our clients own a big part of the market.

We also anticipate launching Bitcoin and Ether sometime soon so our clients have access to that, and we think that’ll be an acceleration of our growth, because what we hear from many of our clients are that they have 98% of their wealth here at Schwab, and they might hold a percent or 2% at some digital native firm to hold their crypto, and they really want to bring it back to Schwab because they trust us, they want it to sit alongside their other assets, and so we think we’ll see some real growth when we bring those to market.” 

When asked if they plan to compete directly with Coinbase, Wurster responded, “Absolutely.”

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A guaranteed income pilot program is launching in one US county amid rising cases of homelessness.

The program, known as Stabilize Families, is backed by the nonprofit RISE Together Innovation Institute and the Community Shelter Board in Franklin County, Ohio, reports The Columbus Dispatch.

The Community Shelter Board will give 80 families a one-off cash handout of $1,500, while RISE Together Innovation Institute will offer monthly payments of $500 to 20 families for 11 months.

Data collected by the Community Shelter Board reportedly shows homelessness in Franklin County in 2024 went up six times faster than the population growth. As of January 23rd, according to the report, there were 2,556 homeless people in the Ohio county, up by 7.4% from 2024.

Community Shelter Board’s president and CEO Shannon Isom says the guaranteed income pilot program is “about dignity” and will give the beneficiaries “breathing room to stabilize, plan, and dream again.”

The report cites RISE Together Innovation Institute’s CEO Danielle Sydnor saying,

“Guaranteed income is a viable strategy to promote economic stability and well-being for residents in Franklin County.”

According to the report, Ohio State University will be involved in the guaranteed income pilot program and will conduct research on the project’s impact on beneficiaries and the community.

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Pump(.)fun… the memecoin platform that brought us endless celebrity rug pulls, a 14-year-old scammer, and that dude who barked in a cage on live for people to buy his memecoin.

And now, they’re cooking up… their own token?

Reports say Pump(.)fun is planning a token sale to raise $1B, with a $4B valuation.

Which is… wild.

For context: so far, launching a token at a $4B+ valuation has mostly been big L1s (like Aptos and Sui), scalable tech (like Arbitrum), or sci-fi type crazy projects with huge backers (like Worldcoin).

But here we’ve got Pump(.)fun – a platform that made its name off fast-and-loose memecoin launches, has no proven long-term utility, can easily be copied (like Sun Pump on TRON) – aiming for $4B.

So, if the raise is real, it’s gonna have to answer some questions to prove this isn’t just another stupid joke with a price tag:

That said, keep in mind that the only sources so far are “people familiar with the matter,” which, for all we know, could just be Bob from accounting who had a vision during his lunch break.

Still, the rumors alone have people talking – and most takes aren’t bullish.

Some think this could drain liquidity out of the entire memecoin market, just like the TRUMP token did. In other words, if everyone rushes into the Pump(.)fun token, other memecoins might get dumped.

Others see it as their exit plan. Pump(.)fun once said they’d never launch a token – so now that the fee income is slowing, launching one feels less like growth and more like a final cash grab.

And because Pump(.)fun has been the face of the memecoin cycle, a token sale like this could mark the end of it – not just because it breaks their anti-token position, but because it turns a free-for-all culture into a monetized product.

Assuming the sale happens at all.