The U.S. SEC has confirmed receipt of the "Truth Social Bitcoin Spot ETF" S-1 registration document from Trump's media group, which is initiated by Yorkville America Digital and plans to list on the NYSE while directly holding Bitcoin. The SEC review window is 240 days, and if approved, it will trade early next year.

Analysis by Qin Ge

Core difference: The first ETF tied to a political brand, which may attract Trump supporters to form a "policy-capital" closed loop; Regulatory focus: The SEC will rigorously examine custody security (managed by Crypto.com Trust) and market manipulation risks (Trump's previous endorsements led to a 28% spike in stock prices); Market impact: If approved, it could replicate the fund inflow frenzy seen with BlackRock's IBIT, but Trump's media group's annual loss of $400 million poses a potential risk; Key operation: Keep a close watch on the SEC's ruling on staking-based ETFs (such as 21Shares Ethereum Staking ETF) over the next 8 months, and if Trump wins the midterm elections, the probability of approval will significantly increase. This event marks the deepening politicization of crypto assets.