Truth Social, the social media platform backed by former President Donald Trump, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a dual spot exchange-traded fund (ETF) for Bitcoin and Ethereum.
The filing, submitted on Monday, aims to list the ETF on the New York Stock Exchange Arca. The proposed ETF will be called the “Truth Social Bitcoin and Ethereum ETF, B.T.” and will be managed by Yorkville America Digital LLC.
The ETF plans to hold real Bitcoin and Ether instead of using futures contracts. According to the filing, about 75% of the assets will be invested in Bitcoin, with the remaining 25% in Ether.
The sponsor, Yorkville America Digital, may later adjust this ratio at its discretion, as stated in the prospectus. Any changes would be updated in official filings or posted on the fund’s website.
Foris DAX Trust Company, doing business as Crypto.com, has been selected as the crypto custodian. The company will store the Bitcoin and Ethereum that back the ETF shares. Truth Social also mentioned plans to file an amendment later, which will outline the terms of its agreement with Crypto.com for trade execution.
Details like the ETF’s ticker symbol and cash custodian have not been finalized yet. This marks Truth Social’s second crypto-related ETF filing in recent weeks. The company filed for a single-asset Bitcoin ETF on June 5. Just days later, the SEC approved Trump Media’s $2.3 billion Bitcoin treasury registration, although the firm said it has “no immediate plans” to issue securities from that deal.
Truth Social is now the third company to propose a dual spot Bitcoin-Ether ETF, following filings from Bitwise and Hashdex. Other firms, including Volatility Shares and ProShares, have filed for similar ETFs based on crypto futures, not spot prices.
This filing shows how Trump Media is expanding its presence in the crypto world. In late May, the company confirmed a $2.5 billion capital raise to buy Bitcoin.
Meanwhile, Trump himself has also made headlines in the space, reportedly earning over $57 million from selling WLFI, a token linked to his decentralized finance project World Liberty Financial.
The ETF filing came a few days after CoinShares filed with the SEC to launch a Solana spot ETF. According to Bloomberg analyst Eric Balchunas , at least eight Solana ETF applications are now awaiting review.
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