Trump Media to launch bitcoin and ethereum ETF, pending SEC approval
Trump Media & Technology Group DJT-Q is seeking to launch an exchange-traded fund that will invest in both bitcoin and ethereum, the two largest cryptocurrencies, according to a filing with the U.S. Securities and Exchange Commission on Monday. This marks the second cryptocurrency ETF filing from the social media company associated with President Donald Trump in less than two weeks. If approved, the Truth Social Bitcoin ETF and the Truth Social Bitcoin & Ethereum ETF would join a crowded and competitive market already dominated by a handful of established asset managers such as BlackRock, whose iShares Bitcoin ETF has $72.5 billion in assets.
'It will be a challenge for any new entrant in this market,' said Bryan Armour, ETF analyst at Morningstar. 'The only way to stand out will be through fees or brand.'
The filing for the new bitcoin and ethereum ETF does not disclose proposed fees, and Trump Media has yet to reveal fees for the bitcoin ETF. Similar products have fees of 0.12%.
Trump Media representatives did not immediately respond to a request for comment. Armor noted that the latest filing spells out a specific allocation ratio between bitcoin and ethereum. The issuer, Yorkville America Digital, said it initially anticipates holding three bitcoins for every ethereum token in the ETF.
'There is little that is different about this new venture other than the way it could be marketed,' said Sui Chung, CEO and chairman of CF Benchmarks. 'Given Truth Social's involvement, it may very well be that (these) are marketed directly to individual investors and that this ends up getting attention from those investors in the same way that people who love their iPhones buy Apple stock.'
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PD-L1 Inhibitors Market Insight, Epidemiology, and Market Forecast – 2034
PD-L1 inhibitors have become a vital part of modern cancer therapy by blocking the PD-1/PD-L1 pathway, which tumors use to evade immune detection. By restoring T-cell function, these therapies boost the body's ability to fight cancer. They have shown significant clinical benefit, including durable responses and improved survival, in several cancers such as NSCLC, TNBC, renal cell carcinoma, urothelial carcinoma, and head and neck squamous cell carcinoma. DelveInsight's ' PD-L1 Inhibitors Market Report ' provides an in-depth analysis of the current and future market landscape for PD-L1 inhibitors across the United States, EU5 (Germany, France, Italy, Spain, and the United Kingdom), Japan, and other key geographies. The report offers comprehensive epidemiological insights, treatment algorithms, evolving biomarker trends, and the competitive environment surrounding PD-L1-targeting therapies. Currently marketed PD-L1 inhibitors, including TECENTRIQ, IMFINZI, and BAVENCIO, have expanded their indications through successful regulatory approvals. These agents are widely used as monotherapy or in combination with chemotherapy, anti-VEGF agents, or other immune checkpoint inhibitors, depending on cancer type and biomarker expression. The market is witnessing dynamic growth driven by increasing PD-L1 biomarker testing, expanded indications, strategic collaborations, and next-generation immuno-oncology research. The development pipeline includes novel PD-L1 inhibitors, bispecific antibodies, and combination regimens aimed at overcoming resistance and improving patient outcomes. Companies such as EQRx, CStone Pharmaceuticals, Pfizer, Novartis, and others are leading the field with continuous investment in clinical trials and label expansions. However, challenges persist, including the identification of optimal biomarkers for patient selection, immune-related adverse events, resistance mechanisms, and cost-effectiveness concerns. Despite these hurdles, the PD-L1 inhibitor market is expected to grow substantially through 2034, supported by ongoing innovations, broader clinical acceptance, and rising global cancer burden. This report serves as a vital resource for pharmaceutical companies, investors, clinical researchers, and oncologists looking to navigate the evolving PD-L1 inhibitor landscape, assess market opportunities, and drive strategic decision-making. Some of the Key Facts of the PD-L1 Inhibitors Market Report: • In 2023, the PD-L1 inhibitors market size in the 7MM was approximately USD 36 billion, with the United States contributing the largest share. • Key indications in the U.S. (2023 incident cases): • KEYTRUDA and OPDIVO, the leading PD-L1 inhibitors, are expected to lose patent exclusivity in the U.S. by 2028, potentially impacting market dynamics. • The loss of exclusivity may lead to a market decline, as biosimilars emerge and new entrants may struggle to match the current dominance of KEYTRUDA and OPDIVO, even with approvals in multiple indications. • Clinical trial activity has surged, over 4,400 trials registered, with more than 3,600 ongoing. • Around 90% of new trials since 2020 are exploring PD-L1 inhibitors in combination regimens, highlighting a strong shift towards combination strategies. • In April 2025, Gilead Sciences reported positive results from the Phase III ASCENT-04/KEYNOTE-D19 study, showing that the combination of TRODELVY (sacituzumab govitecan-hziy) and KEYTRUDA (pembrolizumab) significantly improved progression-free survival in patients with metastatic triple-negative breast cancer (mTNBC) whose tumors express PD-L1 (CPS ≥ 10), compared to chemotherapy and KEYTRUDA alone. • In March 2025, the FDA granted traditional approval for frontline pembrolizumab (Keytruda) in combination with trastuzumab and chemotherapy (fluoropyrimidine- and platinum-based) for adults with locally advanced, unresectable, or metastatic HER2-positive gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 with a combined positive score (CPS) of at least 1 (CPS ≥1). • In March 2025, the FDA granted traditional approval to pembrolizumab (Keytruda, Merck) with trastuzumab, fluoropyrimidine- and platinum-based chemotherapy for the first-line treatment of adults with locally advanced unresectable or metastatic HER2-positive gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 (CPS ≥1). • In February 2025, the FDA granted Regenerative Medicine Advanced Therapy (RMAT) status to nogapendekin alfa (Anktiva) and CAR-NK (PD-L1 t-haNK) for their potential to reverse lymphopenia in patients undergoing chemotherapy/radiotherapy and to treat metastatic pancreatic cancer. • In February 2025, Beijing Biostar Pharmaceuticals announced that its Utidelone Capsules, in combination with capecitabine and oxaliplatin, received FDA approval for a Phase II/III registration clinical study (BG02-2404). This Combination Therapy is for first-line treatment of PD-L1-negative, locally advanced or metastatic gastric or gastroesophageal junction adenocarcinoma. • In January 2025, the FDA approved tislelizumab, in combination with platinum- and fluoropyrimidine-based chemotherapy, for the first-line treatment of patients with unresectable or metastatic, HER2-negative gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 (≥1). • Leading companies in the PD-L1 Inhibitors market include EQRx, CStone Pharmaceuticals, Pfizer, Novartis, Arcus Biosciences, Agenus, TRACON Pharmaceuticals, Shanghai Henlius Biotech, Incyte Corporation, and others. • Emerging acute PD-L1 inhibitor drugs include Sugemalimab (CS1001), Sasanlimab, Spartalizumab, Zimberelimab, Balstilimab, Envafolimab, HLX10, INCB099280, and others. • PD-L1 inhibitors are reshaping cancer care, fueling demand for more targeted and durable treatment options across multiple tumor types with growing clinical adoption and expanding indications. To know in detail about the PD-L1 Inhibitors market outlook, drug uptake, treatment scenario, and epidemiology trends, click here: PD-L1 Inhibitors Overview Programmed death-ligand 1 (PD-L1) inhibitors are a class of immune checkpoint inhibitors that have revolutionized cancer immunotherapy by enhancing the body's natural ability to fight tumors. PD-L1 is a protein expressed on tumor cells and tumor-infiltrating immune cells that binds to the PD-1 receptor on T-cells, effectively turning off the immune response. By blocking this interaction, PD-L1 inhibitors restore T-cell activity, allowing the immune system to recognize and destroy cancer cells more effectively. PD-L1 inhibitors are currently approved for a variety of malignancies, including non-small cell lung cancer (NSCLC), urothelial carcinoma, triple-negative breast cancer (TNBC), hepatocellular carcinoma, and others. Some of the key PD-L1 inhibitors include atezolizumab (TECENTRIQ), durvalumab (IMFINZI), and avelumab (BAVENCIO). These therapies are often used either as monotherapy or in combination with chemotherapy, targeted therapy, or other immunotherapies. Ongoing research continues to expand its applications across tumor types and disease stages, and the development of predictive biomarkers aims to refine patient selection for optimal treatment outcomes. With multiple agents in clinical and preclinical development, PD-L1 inhibitors remain a cornerstone of immuno-oncology, offering the potential for improved survival, long-term remission, and better quality of life for patients with advanced cancers. Get a free sample of the PD-L1 Inhibitors market report with key insights and emerging therapies here: PD-L1 Inhibitors Epidemiology The epidemiology section provides insights into the historical, current, and forecasted epidemiology trends in the seven major countries (7MM) from 2020 to 2034. It helps to recognize the causes of current and forecasted trends by exploring numerous studies and views of key opinion leaders. The epidemiology section also provides a detailed analysis of the diagnosed patient pool and future trends. Download the report to understand which factors are driving PD-L1 Inhibitors epidemiology trends @ PD-L1 Inhibitors Epidemiology Forecast PD-L1 Inhibitor Drugs Uptake and Pipeline Development Activities The PD-L1 Inhibitors drugs uptake section examines the rate at which newly launched or upcoming potential drugs are being adopted in the PD-L1 Inhibitors market during the study period. This analysis covers drug uptake, patient adoption of therapies, and the sales performance of each drug. Additionally, the therapeutics assessment section highlights the drugs with the most rapid uptake, shedding light on the factors driving their widespread use. It also provides a comparative analysis of these drugs based on their market share. The report further delves into the PD-L1 Inhibitors pipeline development activities, offering key insights into various therapeutic candidates in different stages of development and the major companies behind these innovations. It also covers recent collaborations, acquisitions, mergers, licensing agreements, patent details, and other critical information related to emerging therapies. PD-L1 Inhibitors Market Outlook The PD-L1 inhibitors market is poised for continued growth, with PD-1/PD-L1 inhibitors expected to lead oncology drug sales in the coming years. These immuno-oncology agents have revolutionized cancer care across various tumor types and stages, from metastatic to early disease, thanks to their adaptability and durable clinical benefits. Widely adopted as monotherapy or in combination with tyrosine kinase inhibitors, chemotherapy, or other immunotherapies, PD-L1 inhibitors offer prolonged tumor responses and enhanced survival outcomes while maintaining a favorable safety profile that supports their use in broad combination regimens. While immune checkpoint inhibitors have transformed the cancer treatment landscape, efforts to target pathways beyond PD-1/PD-L1—such as TIGIT, TIM-3, and LAG-3—have met with limited success, though some agents continue development. Innovative approaches like Eftilagimod alpha (Efti), a unique MHC Class II agonist, are also gaining attention for combination strategies. In an increasingly crowded PD-L1 market, innovation and differentiation are critical. Companies must target new indications, address current treatment gaps, or become first-in-class to maintain a competitive advantage. Emerging PD-L1 inhibitors such as spartalizumab (Novartis), sasanlimab (Pfizer), zimberelimab (Arcus Biosciences), sugemalimab (EQRx/CStone), HLX10 (Henlius), and balstilimab (Agenus) are currently in development. Among the 7MM, the United States remains the largest market for PD-L1 inhibitors, generating nearly USD 26 billion in 2023, with further expansion anticipated through 2034. PD-L1 Inhibitors Market Strengths • PD-L1 inhibitors are approved for a wide range of tumor types, including non-small cell lung cancer, bladder cancer, melanoma, and more. Their use as monotherapy or in combination regimens gives them a significant advantage in oncology treatment strategies. • With numerous promising candidates in clinical development, such as spartalizumab, sasanlimab, and sugemalimab, the pipeline remains robust. Continued R&D investment ensures ongoing evolution and expansion into new indications and combinations. PD-L1 Inhibitors Market Weaknesses • The PD-L1 inhibitors landscape is crowded with multiple approved agents and late-stage candidates, making it difficult for new entrants to differentiate and capture market share without clear clinical or safety advantages. • Attempts to extend the checkpoint blockade approach beyond PD-1/PD-L1 (e.g., targeting TIGIT, TIM-3) have faced clinical setbacks. This limits expansion opportunities and raises concerns about over-reliance on the PD-1/PD-L1 axis. Scope of the PD-L1 Inhibitors Market Report • Study Period: 2020–2034 • Coverage: 7MM [The United States, EU5 (Germany, France, Italy, Spain, and the United Kingdom), and Japan] • Key PD-L1 Inhibitors Companies: EQRx, CStone Pharmaceuticals, Pfizer, Novartis, Arcus Biosciences, Agenus, TRACON Pharmaceuticals, Shanghai Henlius Biotech, Incyte Corporation, and others. • Key PD-L1 Inhibitors Therapies: Sugemalimab (CS1001), Sasanlimab, Spartalizumab, Zimberelimab, Balstilimab, Envafolimab, HLX10, INCB099280, and others. • PD-L1 Inhibitors Therapeutic Assessment: PD-L1 Inhibitors, currently marketed, and PD-L1 Inhibitors emerging therapies • PD-L1 Inhibitors Market Dynamics: PD-L1 Inhibitors market drivers and PD-L1 Inhibitors market barriers • Competitive Intelligence Analysis: SWOT analysis, PESTLE analysis, Porter's five forces, BCG Matrix, Market entry strategies • PD-L1 Inhibitors Unmet Needs, KOL's views, Analyst's views, PD-L1 Inhibitors Market Access and Reimbursement Table of Contents 1. PD-L1 Inhibitors Market Report Introduction 2. Executive Summary for PD-L1 Inhibitors 3. SWOT analysis of PD-L1 Inhibitors 4. PD-L1 Inhibitors Patient Share (%) Overview at a Glance 5. PD-L1 Inhibitors Market Overview at a Glance 6. PD-L1 Inhibitors Disease Background and Overview 7. PD-L1 Inhibitors Epidemiology and Patient Population 8. Country-Specific Patient Population of PD-L1 Inhibitors 9. PD-L1 Inhibitors Current Treatment and Medical Practices 10. PD-L1 Inhibitors Unmet Needs 11. PD-L1 Inhibitors Emerging Therapies 12. PD-L1 Inhibitors Market Outlook 13. Country-Wise PD-L1 Inhibitors Market Analysis (2020–2034) 14. PD-L1 Inhibitors Market Access and Reimbursement of Therapies 15. PD-L1 Inhibitors Market Drivers 16. PD-L1 Inhibitors Market Barriers 17. PD-L1 Inhibitors Appendix 18. PD-L1 Inhibitors Report Methodology 19. DelveInsight Capabilities 20. Disclaimer 21. About DelveInsight About DelveInsight DelveInsight is a leading Healthcare Business Consultant and Market Research firm focused exclusively on life sciences. It supports Pharma companies by providing comprehensive end-to-end solutions to improve their performance. It also offers Healthcare Consulting Services, which benefit from market analysis to accelerate business growth and overcome challenges with a practical approach. Media Contact Company Name: DelveInsight Contact Person: Jatin Vimal Email: Send Email Phone: +14699457679 Address: 304 S. Jones Blvd #2432 City: Las Vegas State: Nevada Country: United States Website:
