Trump Media files for Bitcoin and Ethereum ETF with SEC.
ETF to hold 75% Bitcoin, 25% Ethereum, list on NYSE Arca.
Crypto.com named custodian, Yorkville America Digital as sponsor.
Filing follows $2.5B Bitcoin treasury deal closed in May 2025.
Launch awaits SEC approval, faces competitive crypto ETF market.
Trump Media and Technology Group, the operator of Truth Social, has filed a registration statement with the U.S. Securities and Exchange Commission to launch a Bitcoin and Ethereum ETF. The filing, announced on June 16, 2025, marks a significant step for the company as it expands into cryptocurrency investment products under its Truth.Fi brand. The ETF, named Truth Social Bitcoin and Ethereum ETF (B.T.), aims to hold 75% of its assets in Bitcoin and 25% in Ethereum, tracking their price performance.
The proposed ETF will list on NYSE Arca, subject to SEC approval of the registration statement and a Form 19b-4 filing. Crypto.com will serve as the exclusive custodian and prime execution agent for the ETF’s cryptocurrency holdings, also providing staking and liquidity services. Yorkville America Digital is named as the fund’s sponsor. The filing reflects growing institutional interest in cryptocurrency ETFs, following approvals for similar products earlier in 2025.
Strategic Expansion into Cryptocurrency
Trump Media’s move into the cryptocurrency market aligns with its broader strategy to diversify beyond social media and streaming services. The company, headquartered in Sarasota, Florida, operates Truth Social, a platform promoting free expression, and Truth+, a streaming service focused on family-friendly content. Its Truth.Fi brand aims to offer “America First” investment vehicles, including ETFs targeting digital assets and U.S. industries.
The ETF filing follows a $2.5 billion Bitcoin treasury deal closed in May 2025, involving 50 institutional investors. The deal included $1.5 billion in common stock and $1 billion in convertible notes, positioning Trump Media as a major corporate Bitcoin holder. CEO Devin Nunes stated the treasury strategy strengthens the company’s financial independence and supports its expansion into fintech, aiming to shield it from institutional discrimination.
The company also plans to invest up to $250 million in financial products through Charles Schwab, targeting sectors like U.S. manufacturing and energy. This ETF filing builds on earlier trademark applications for three Truth.Fi ETFs, including the Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi U.S. Energy Independence ETF.
Market Context and Challenges
The cryptocurrency ETF market has grown competitive since the SEC approved spot Bitcoin ETFs in January 2023. Major players like BlackRock and Fidelity have captured significant market share, with Bitcoin ETFs holding over $100 billion in net assets. Trump Media’s entry into this crowded field faces regulatory hurdles, as the ETF’s launch depends on SEC approval, which is not guaranteed.
The company’s stock, trading under DJT on Nasdaq and NYSE Texas, saw a 1.7% rise following the ETF announcement, with an average daily trading volume of 165.11 million shares. However, the stock has experienced volatility, with a year-to-date return of -7.56% as of June 2025. The ETF’s success will hinge on investor interest in Trump Media’s brand and its ability to navigate a volatile cryptocurrency market.
Trump Media’s cryptocurrency ventures extend beyond ETFs. The company has explored a utility token and subscription payment synergies across its platforms. Its partnership with Crypto.com, which boasts 140 million users globally, enhances its ability to distribute the ETF internationally, including in Europe and Asia, pending regulatory clearance.
The filing emphasizes that the ETF offering will proceed only through a prospectus, available on the SEC’s EDGAR system once effective. Investors are cautioned that cryptocurrency investments carry high risks due to price volatility and external factors like regulatory changes.
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