The asset management company Yorkville America Digital in Florida has recently partnered with Trump Media & Technology Group and Crypto.com to launch a series of exchange-traded products (ETP). Currently, the company has officially submitted the S-1 form for a spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC), with the product named 'Truth Social Bitcoin ETF.'
This registration statement was submitted on June 5, following the earlier submission of the 19b-4 form by NYSE Arca this week, seeking SEC approval for related rule changes so that the fund can be listed for trading.
The S-1 form is submitted by the issuer (in this case, Yorkville) to register ETF shares, containing detailed information about the fund's structure, investment strategies, risk disclosures, and more; whereas the 19b-4 form is submitted by the exchange to apply for a rule change that allows the fund to be listed on the exchange.
Although these two documents serve different purposes, both must receive SEC approval for the Bitcoin ETF to officially list in the U.S.
Similar to other Bitcoin ETFs submitted by large asset management companies, this S-1 form has not yet disclosed the fund's trading code (Ticker) and sponsor fees (Sponsor Fee).
However, Bloomberg ETF analyst Eric Balchunas pointed out an unusual and even 'surreal' item in the fund's risk disclosure – explicitly mentioning the establishment of the SEC's cryptocurrency enforcement task force and President Trump's executive order to establish a 'Bitcoin Strategic Reserve.'
According to Balchunas, this is the first time a specific executive order from the sitting U.S. president has been directly mentioned in the risk disclosure section of an ETF filing.
