⚡ The Trump-linked Truth Social media platform applies to establish an instant Bitcoin exchange-traded fund ⚡
- According to a filing submitted on June 3 to the U.S. Securities and Exchange Commission, the New York Stock Exchange submitted the application on behalf of Yorkville Digital.
- Yorkville is a partner of Trump Media & Technology Group, which operates Truth Social and the financial technology platform Truth.Fi.
- The exchange-traded fund aims to track the price of Bitcoin and list it on the NYSE Arca.
- Although the filing did not disclose the trading symbol or management fees, it designated Foris DAX Trust, the custodian of Crypto.com assets, as the proposed fund custodian.
- The U.S. Securities and Exchange Commission (SEC) now has 45 days to issue a decision or postpone the application.
- Under current rules, the agency can take up to 240 days to reach a final ruling, with the final decision deadline being January 29, 2026.
- This exchange-traded fund will join an already crowded market that includes 11 approved Bitcoin exchange-traded funds, led by BlackRock's IBIT fund, which has assets nearing $69 billion.
- A Trump-related product could attract a politically motivated investor base or raise further questions about conflicts of interest.