Trump Media and Technology Group owned by President Trump, just filed for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). The filing, made on Form S-1, reveals the company’s plans for a new product called the Truth Social Bitcoin ETF.
If approved, this fund would hold Bitcoin directly and track its price, giving everyday investors an easier way to gain exposure to the leading cryptocurrency without needing to buy or store it themselves.
This comes after NYSE Arca, the electronic trading arm of the New York Stock Exchange, filed a Form 19b-4 to list and trade shares of the Truth Social Bitcoin ETF to kickoff the registration process approval process. Once launched, the ETF shares will be available to trade just like any other stock.
Crypto.com will play a key role in the product’s backend by serving as the exclusive Bitcoin custodian, as well as its execution agent and liquidity provider. Meanwhile, Yorkville America Digital will act as the fund’s official sponsor, overseeing its structure and management.
According to the filing, Foris DAX Trust Company will hold the bitcoin on behalf of the fund, although specific details like the ETF’s ticker symbol, seed capital, or share price have not yet been disclosed.
Commenting on the filling, Bloomberg analyst Eric Balchunas said, “This is uncharted territory because it is a company linked to the U.S. president,” but also added that Truth Social is “late to the party” in a market already filled with well-established ETFs. “It will be really tough to compete regardless of the name associated with the fund,” Balchunas noted.
In another bold step, Trump Media recently announced a $2.5 billion Bitcoin treasury plan, showing how serious they are about digital assets.
Right now, the spot Bitcoin ETF market is worth over $130 billion with BlackRock’s iShares Bitcoin Trust (IBIT) holding the biggest share, which is almost $69 billion.
Also Read: Circle Debuts on NYSE at $31 after Raising $1B in IPO
