Truth social Submits Bitcoin ETF application to SEC

On June 3, 2025, NYSE Arca submitted a Form 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) to list the Truth Social Bitcoin ETF, a spot Bitcoin exchange-traded fund (ETF) associated with Trump Media & Technology Group (TMTG). This move signifies TMTG’s continued expansion into the cryptocurrency sector, aligning with President Donald Trump’s pro-crypto stance.

Key Details of the Truth Social Bitcoin ETF:

Sponsorship and Management: The ETF is sponsored by Yorkville America Digital, a partner of TMTG.

Custodianship: Foris DAX Trust Company, known for safeguarding Crypto.com’s assets, is designated as the custodian.

Investment Objective: The fund aims to track the spot price of Bitcoin, providing investors with direct exposure without the need to hold the cryptocurrency themselves.

Regulatory Process: The SEC has 45 days to decide on the application, with the possibility of extending the review period up to 240 days.

Trump Media’s Strategic Move into Bitcoin:

This filing follows TMTG’s recent announcement of raising over $2.3 billion through the sale of new common shares and convertible debt to establish a Bitcoin treasury reserve. This initiative positions TMTG as a significant player in the cryptocurrency space, aligning with other Bitcoin-accumulating public firms.

BTC Market Context and Implications:

The Truth Social Bitcoin ETF enters a competitive market, with over 11 similar funds already approved by the SEC since January 2024. Despite the crowded space, the association with President Trump and the Truth Social brand could attract a unique investor demographic.

Political and Ethical Considerations:

The intertwining of political influence and financial ventures raises questions about potential conflicts of interest. Critics argue that leveraging political positions for personal financial gain could undermine public trust. However, supporters view this move as a step towards mainstream adoption of cryptocurrencies.