What Happened?
The New York Stock Exchange Arca has submitted a Bitcoin ETF application for Trump Media Technology Group's Truth Social brand.
The Trump family is actively expanding its cryptocurrency empire, covering multiple projects including NFTs (non-fungible tokens), meme coins, and stablecoins, raising potential conflict of interest controversies.
Several cryptocurrency wallet products related to the Trump family will be launched in succession, including the 'official $TRUMP wallet' developed in collaboration with Magic Eden.
Trump Media Group Targets the Cryptocurrency Market
U.S. President Donald Trump's cryptocurrency empire is rapidly expanding, with recent documents indicating that his social media platform Truth Social plans to launch a 'Truth Social Bitcoin ETF', attracting renewed attention.
According to application documents submitted by NYSE Arca to the SEC on June 3, the 'Truth Social Bitcoin ETF' has officially begun the review process. This ETF was submitted on behalf of Trump Media Technology Group, the parent company of Truth Social, by its partner Yorkville America Digital Asset Management, intending to list on NYSE Arca and track the price of Bitcoin.
The application documents have not yet disclosed management fees or stock symbols, but it is proposed that the custodian for Crypto.com's assets be Foris DAX Trust Company.
After submitting the application, the SEC must decide within 45 days whether to accept, reject, or delay the application, and it can delay multiple times, with the longest review period being 240 days, meaning a decision must be made by January 29, 2026 at the latest.
If approved, this Trump-related ETF will enter the highly competitive Bitcoin ETF market. Currently, there are 11 similar funds in the Bitcoin ETF market, with BlackRock's iShares Bitcoin Trust ETF being the largest, managing nearly $69 billion in assets.
The Complex Relationship Between the Trump Family and Cryptocurrency
The submission of this ETF application has once again drawn attention to the increasingly controversial relationship between Trump and cryptocurrency. Many critics believe that this may pose a conflict of interest with his presidential duties, and even accuse Trump of profiting from his presidential position.
Currently, Trump and his family are continuously increasing investments in cryptocurrency projects, including multiple NFT series, 2 meme coins, 1 stablecoin, 1 cryptocurrency mining company, and 1 cryptocurrency platform.
Before applying for the ETF, Trump Media Technology had signed agreements with asset management firm Yorkville America Digital and cryptocurrency company Crypto.com in April this year, planning to launch a series of 'Made in America' crypto ETFs. Subsequently, Trump Media Technology submitted an application for the 'Truth.Fi Bitcoin Plus ETF'.
In addition to the ETF, Trump Media Technology is also actively exploring the integration of cryptocurrency into its existing platforms.
Trump Media Technology CEO Devin Nunes stated to shareholders on April 29 that they are exploring the introduction of a 'utility token' and digital wallet on their streaming video website Truth+.
These tokens can initially be used to pay for Truth+ subscription fees and may be used in the future for other products and services in the Truth ecosystem. Trump Media Technology submitted a trademark application as early as last November, planning to establish a digital asset wallet and allow Truth.Fi to handle cryptocurrency payments.
It is worth noting that there have been some confusions regarding the development of projects related to the Trump-branded cryptocurrency wallet.
NFT market Magic Eden claims to have partnered with the team behind Trump Meme Coin to launch an official Trump-branded cryptocurrency wallet and trading application. However, Trump's sons have stated on social media that they are unaware of the wallet transactions with Magic Eden, while promoting wallets to be launched by World Liberty Financial, supported by Trump.
This means that there could be at least three cryptocurrency wallets related to the Trump brand in the future.
Despite external criticism of Trump's and his family's cryptocurrency trading, the Trump team does not seem to be deterred. The SEC's recent attitude towards the cryptocurrency industry has also become more favorable, with various lawsuits and investigations being withdrawn.
If the Trump ETF is officially launched in the future, Yorkville America Digital will also need to submit an S-1 registration statement detailing the fund's operations, fund utilization, and related risks.
References: cointelegraph, the block, the block
More Reports
Trump Family Makes Big Moves in Cryptocurrency! $2.5 Billion Invested in Bitcoin, What's the Deal?
Trump Coin Dinner 'Shocked' Guests! Complaints About Bad Food, Possible Legal Issues?
