U.S. President Donald Trump's media company has once again approached the SEC for a Bitcoin (BTC) holding ETF application.
The Trump Media & Technology Group, owned by U.S. President Donald Trump, continues to push for Bitcoin. The company has submitted an updated registration statement to the U.S. Securities and Exchange Commission (SEC) for a fund that will be named Truth Social Bitcoin ETF. If approved, the ETF will hold Bitcoin directly and will trade under the ticker B.T. on the NYSE Arca exchange.
According to the information in the application, the custody service for the ETF will be provided by Crypto.com. The fund's sponsor will continue to be Yorkville America Digital, as it was before. This move is seen as part of Trump's goal to establish a stronger position in the crypto market with his social media platform, Truth Social.
The SEC's final approval is required for the fund to go live. Especially this year, as there has been a wave of approvals for spot Bitcoin ETFs in the U.S., this step taken by Trump's company stands out as a significant development for the market. Designing the ETF to hold BTC directly may offer investors a more transparent and straightforward access opportunity.
This insistence indicates both Trump’s interest in the cryptocurrency sector and the accelerating integration of Bitcoin into traditional financial products. If approval is granted, the Truth Social Bitcoin ETF will be one of the newest spot Bitcoin investment instruments in the market.