President Donald Trump’s majority-owned company, Trump Media and Technology Group Corp. (TMTG), is preparing to introduce exchange-traded funds (ETFs) and separately managed accounts (SMAs) under the Truth.FI brand. 

The company has applied for trademarks related to these investment vehicles, including a Bitcoin (BTC) ETF.

Trump’s ETF Venture

The proposed investment products include the Truth.Fi Made in America ETF and SMA, Truth.Fi US Energy Independence ETF and SMA, and Truth.Fi Bitcoin Plus ETF and SMA. These offerings are designed to appeal to investors aligned with the company’s “America First” principles.

“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,” said TMTG CEO Devin Nunes.

Nunes emphasized that the goal of Truth.Fi is to provide investors with alternatives to traditional financial products. These products, he claims, are influenced by “woke funds and debanking problems.”

TMTG plans to allocate up to $250 million to these financial instruments as part of this initiative. Charles Schwab will act as the custodian. 

Meanwhile, Yorkville Advisors will serve as the Registered Investment Advisor, overseeing product development and regulatory approvals.

The announcement has sparked discussion among financial analysts and ETF experts. Bloomberg’s senior ETF analyst, Eric Balchunas, noted that despite Trump’s brand recognition, these ETFs may struggle to gather significant assets compared to existing products like the iShares Bitcoin Trust ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC).

However, he acknowledged their contribution to the broader adoption of Bitcoin in mainstream finance.

“Safe to say first-ever POTUS ETF issuer. What a country,” Balchunas remarked.

Meanwhile, economist and vocal Bitcoin critic Peter Schiff speculated that the move could reduce the likelihood of a US Bitcoin Strategic Reserve. 

“Well if this does in fact happen, I think it takes a Bitcoin Strategic Reserve off the table, if it ever really was on the table to begin with,” he stated.

While TMTG is expanding its financial footprint, Trump’s other financial venture has faced challenges. The Official Trump (TRUMP) meme coin, in particular, has struggled in the market after its initial hype faded.

The price has declined significantly after reaching an all-time high of $73.4. It was trading at $17.6 at press time, reflecting a 7.6% drop in the past 24 hours.

This represents a 76.0% decrease from its record high. Moreover, the market continues to remain under a bearish stronghold.

The Utah House of Representatives has passed HB 230, also known as the Blockchain and Digital Innovation Amendments. This marks a significant step in the state’s approach to digital asset investment. 

The bill allows the state of Utah to allocate up to 5% of public funds to qualifying digital assets. It passed with a narrow 38-34 vote, with three abstentions. 

Utah Takes a Bold Step Toward Digital Asset Investment 

State Representative Jordan Teuscher presented HB 230 on January 21. The bill quickly passed the House Economic Development and Workforce Services Committee with an 8-1-1 vote before gaining approval in the House. It now moves to the Senate for further consideration.

“The ‘Strategic Bitcoin Reserve’ bill has officially PASSED the House in the state of Utah,” CEO of Satoshi Action Fund Dennis Porter shared on X (formerly Twitter).

Porter had previously predicted Utah’s potential to establish the first Bitcoin (BTC) reserve. He cited the state’s short 45-day legislative calendar and the role of its digital asset task force in pushing related initiatives forward.

Besides Utah, Arizona is the only other state with a similar bill nearing approval. The Strategic Bitcoin Reserve Act (SB1025) has passed the Senate Finance Committee and is now awaiting a vote in the House.

Despite the enthusiasm, some skeptics argue that HB 230 does not explicitly favor Bitcoin. X user Justin Bechler criticized the bill’s language.

“Utah H.B. 230 is not a ‘Strategic Bitcoin Reserve.’ It doesn’t reference Bitcoin once,” Bechler posted.

Bechler argued that the bill is structured to favor stablecoins. He pointed out that it includes any digital asset with a market capitalization exceeding $500 billion. 

While this threshold seemingly includes Bitcoin, the legislation separately categorizes stablecoins as qualifying assets. He further noted that the bill mandates asset custody through banks, trust companies, or exchange-traded products. This aligns with centralized stablecoin management rather than Bitcoin’s decentralized ethos.

“Bitcoin is just the bait, stablecoins are the real target,” the post read.

Additionally, Bechler highlighted a money transmitter exemption within the bill. While it facilitates digital asset exchanges, it does not aid Bitcoin adoption in Utah, according to him. 

“Not only is this legislation not a “Strategic Bitcoin Reserve” but, in fact, it specificially prohibits the state from owning Bitcoin,” he further explained.

Nonetheless, Porter pushed back against the criticism.

“Only bitcoin qualifies,” he asserted. 

Porter clarified that the bill was purposely structured to maximize its likelihood of passing into law. He explained that the bill exempts individuals from needing a money transmitter license when running a node or operating a blockchain protocol, such as Bitcoin.

He encouraged Bitcoin supporters to examine the bill carefully. Furthermore, he firmly rejected the notion that the legislation would restrict Bitcoin ownership.

The bill’s next hurdle is the Senate. Further debates will determine whether Utah’s digital asset strategy will favor Bitcoin or lean toward stablecoins.

Approximately $3.12 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire today. With the pioneer crypto still below $100,000 this week, will its billion-dollar-plus notional value expiry push the price higher? 

Market watchers are particularly attentive to this event due to its potential to influence short-term trends through the volume of contracts and their notional value. Examining the put-to-call ratios and maximum pain points can provide insights into traders’ expectations and possible market directions.

Insights on Today’s Expiring Bitcoin and Ethereum Options

The notional value of today’s expiring BTC options is $2.56 billion. Deribit’s data shows that the 26,251 expiring Bitcoin options have a put-to-call ratio 0.57. This ratio suggests a prevalence of purchase options (calls) over sales options (puts).

The data also reveals that the maximum pain point for these expiring options is $99,500. The maximum pain point is the price at which the asset will cause the greatest number of holders’ financial losses.

In addition to Bitcoin options, 204,376 Ethereum options contracts are set to expire today. These expiring options have a notional value of $557.04 million, a put-to-call ratio of 0.46, and a maximum pain point of $2,950.

The number of today’s expiring Bitcoin and Ethereum options is significantly lower than last week’s. BeInCrypto reported that last week’s expired BTC options were 80,179 contracts, compared to 603,426 for ETH.

This marginal difference comes from last week’s options, which represented the month’s total. Accordingly, the total number of options expiring surpassed $10 billion.

Ahead of the expiration, options trading tool provider Greeks.live shared its insights into the market. It highlighted the prevailing weak sentiment in the market this week and explained why the max pain levels for BTC and ETH were below the $100,000 and $3,000 levels, respectively.  

“Market sentiment was weaker this week, with ETH’s Maxpain point falling below $3,000 again, with the coin dropping to $2,100 at one point during the session, a new low since 2024, and BTC effectively falling below the $100,000 mark, around which the market has been oscillating in a wide range since it broke above $95,000 in late November,” Greeks.live said.

Against this backdrop, the options trading tool indicates the role of US President Donald Trump’s tariffs in influencing sentiment. As BeInCrypto reported, the trade policies were a key market driver this week, having caused the largest single-day liquidation event in history. Traders remain wary of potential trade wars, which could exacerbate sentiment further.

Therefore, the analysts at Greeks.live ascribe current volatility to these concerns, citing expectations of further market adjustments.

“The market is still digesting the effects of 3 months of Trump Trade, with deliveries accounting for 10% of total positions this week, with call options trading down significantly and Block puts growing as a percentage of volume,” the analysts added.

Nevertheless, the influence of macroeconomics cannot be overlooked. With US Unemployment and Non-Farm Payrolls data for January expected today, traders will be looking for how these macro events influence markets, with overall risk in the crypto sector now more correlated.

“Today’s market movers: An uptick in unemployment could drive interest in Bitcoin as a hedge against economic instability. A drop might see investors favoring traditional markets. Strong payroll numbers could signal economic health, potentially reducing Bitcoin’s safe-haven appeal. Weak numbers might enhance Bitcoin’s attractiveness as an investment during times of economic uncertainty,” crypto analyst Mark Cullen observed.