A new Bitcoin ETF linked to President Donald Trump’s Truth Social platform is now in the works. Stock exchange NYSE Arca formally requested approval for the fund on June 3rd. It filed the application on behalf of crypto asset manager Yorkville America Digital. Yorkville partners with Truth Social’s parent company, Trump Media & Technology Group (TMTG). This move signals a significant expansion into crypto by entities tied to Trump. The proposed “Truth Social Bitcoin ETF” aims to list on NYSE Arca. It seeks to track the market price of Bitcoin directly. The filing designated Foris DAX Trust Company as the planned custodian. Foris safeguards assets for Crypto.com. However, the application omitted details like a management fee or stock ticker symbol. Investors await further specifics.
Trump Media’s Deepening Crypto Ties
This ETF filing stems directly from a prior agreement. Trump Media inked a deal with Yorkville and Crypto.com back in April. Their goal was launching a series of “Made in America” crypto ETFs. The Truth Social Bitcoin ETF appears to be the first major step. Furthermore, it adds to Trump’s already controversial involvement in cryptocurrency.
Trump Media also filed for a different crypto fund earlier this year. It proposed a “Truth.Fi Bitcoin Plus ETF” last February. Truth.Fi is Trump Media’s own fintech platform. This platform can invest up to $250 million allocated to it. Potential investments include ETFs and cryptocurrencies themselves. Trump remains the majority owner of Trump Media. Crucially, he transferred his shares into a trust before his presidential term began. His son, Donald Trump Jr., controls this trust.
Entering a Crowded Market
If regulators approve it, the Trump-linked ETF faces stiff competition. It would enter a market packed with eleven existing Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) dominates this space currently. IBIT alone manages nearly $69 billion in assets. Success is far from guaranteed in this established arena. Furthermore, critics voice strong objections about potential conflicts.
They argue Trump’s crypto ventures clash with his presidential duties. Specifically, critics accuse him of potentially profiting from his office. Trump and his family connect to a rapidly growing list of crypto projects. These ventures include multiple NFT collections and two different memecoins. They also encompass a stablecoin and even a crypto mining company. Additionally, the family links to a crypto platform featuring its own token.
Streaming, Wallets, and Tokens
Trump Media’s crypto ambitions extend well beyond exchange-traded funds. The company also plans deeper crypto integration into its other services. Truth Media CEO Devin Nunes revealed key plans to shareholders on April 29th. He stated they are exploring a crypto token and digital wallet. These would integrate directly with their Truth+ video streaming service.
“We’re exploring a utility token within a Truth digital wallet,” Nunes explained. Initially, users could pay Truth+ subscriptions with this token. Later, it might apply to other products across the Truth ecosystem. This plan builds upon earlier signals. Trump Media filed a trademark application last November. It sought rights for a digital asset wallet and crypto payments via Truth.Fi.
The Regulatory Path Forward
The June 3rd submission was a crucial Form 19b-4 filing. This action officially starts the SEC’s review clock. Regulators now have 45 days for an initial decision. They can accept, reject, or delay the application. Importantly, the SEC can extend its review multiple times. However, the maximum review period cannot exceed 240 days. Therefore, the SEC must issue a final ruling by January 29, 2026.
Next, Yorkville must file an S-1 registration statement. This document informs the SEC about the fund’s intended operations. It details what the ETF will offer investors precisely. Furthermore, it explains how Yorkville will use any investor proceeds. The S-1 must also outline all associated risks for potential buyers. Approval hinges on navigating this complex regulatory process successfully. The outcome will significantly impact Trump’s burgeoning crypto empire.
Written By Fazal Ul Vahab C H
