Truth Social’s parent company has filed for a spot Bitcoin exchange-traded fund, entering a competitive field of crypto investment products.
In a significant move that underscores the intersection of technology, finance, and politics, Truth Social’s parent company, Trump Media & Technology Group (TMTG), has filed for a spot Bitcoin exchange-traded fund (ETF). This filing, made on June 3 through NYSE Arca with the Securities and Exchange Commission (SEC), marks a noteworthy step for both the company and the larger cryptocurrency market.
The filing was executed on behalf of Yorkville America Digital, the asset manager behind the proposed ETF. While the specifics regarding the ticker symbol and management fees have yet to be disclosed, the ETF aims to track Bitcoin’s price and will be listed on NYSE Arca. Notably, the filing names Foris DAX Trust Company, known for its association with Crypto.com, as the proposed custodian for the ETF, which adds an element of credibility given Crypto.com’s established presence in the crypto space.
The SEC now faces a timeline of 45 days to either approve or delay the filing. However, under current regulations, the agency has up to 240 days to deliver a final decision, which could extend the wait until January 29, 2026. Additionally, Yorkville is tasked with submitting an S-1 registration, detailing essential information such as the ETF’s structure, associated risk factors, and intended use of proceeds.
Despite former President Donald Trump being the majority owner of TMTG, it’s interesting to note that his shares are held in a trust overseen by his son, Donald Trump Jr., thus distancing the former president from direct control of the company’s financial moves. Strikingly, the ETF filing does not mention Trump by name, despite the potential for the product to draw in investors motivated by his political persona.
The proposed ETF is entering a competitive landscape, with 11 approved spot Bitcoin ETFs already in operation. Notably, these include BlackRock’s IBIT, which boasts nearly $69 billion in assets. The entry of a Trump-affiliated ETF raises intriguing questions about potential investor interest, especially from politically motivated individuals, and opens up discussions about potential conflicts of interest.
According to the filing, “The Trust seeks to reflect the performance of the price of bitcoin,” prior to the deduction of the Trust’s expenses and liabilities. This aligns with traditional ETF objectives, indicating a straightforward approach to tracking Bitcoin’s performance, which can be appealing for both seasoned and novice investors in the crypto space.
TMTG’s ambitions extend well beyond just this Bitcoin ETF. Earlier in April, the company had already formed a partnership with Crypto.com and Yorkville to create “Made in America” crypto ETFs, signaling a broader interest in digital asset investment. Remarkably, TMTG has committed up to $250 million from its reserves toward funding such ventures. Recently, the company also announced raising an impressive $2.4 billion to establish a Bitcoin treasury, further indicating its long-term vision in the cryptocurrency market.
Compounding this trend, TMTG filed for the trademark “Truth.Fi Bitcoin Plus ETF” in February 2023, signaling its expanding footprint in the fintech and crypto landscape. Critics argue that Trump’s involvement in cryptocurrency ventures poses challenges by blurring the lines between business interests and political affiliations. However, the filing for this ETF is a statement in itself, reflecting a noteworthy shift in the perception and acceptance of cryptocurrency as a mainstream financial product, especially one backed by political heft.