Truth Social files for Bitcoin ETF to expand crypto offerings, marking a new move into the cryptocurrency market. On Tuesday, NYSE Arca, part of the New York Stock Exchange, submitted a filing to the Securities and Exchange Commission (SEC). This filing seeks approval for an exchange-traded fund (ETF) that would track Bitcoin’s price. The proposed ETF comes from Truth Social, the social media company linked to former U.S. President Donald Trump.
The filing was made on behalf of Yorkville America Digital, a crypto asset manager. Yorkville partners with Trump Media & Technology Group (TMTG), which owns Truth Social. If the SEC approves the fund, it would trade under the name Truth Social Bitcoin ETF. The fund’s custodian would be Foris DAX Trust Company. Foris DAX also manages crypto assets for platforms like Crypto.com.
Furthermore, the filing was submitted using a 19b-4 form. This form requests regulatory permission for new financial products or rule changes. However, the ETF can only start trading after the SEC approves additional S-1 registration forms from Truth Social. These forms give detailed information on the fund’s management, structure, and investment approach. The SEC uses this data to assess the risks and transparency of the product.
Bitcoin ETFs have become increasingly popular. The SEC first approved Bitcoin ETFs in early 2024. Since then, eleven such funds began trading on U.S. stock exchanges. These ETFs come from major financial firms like BlackRock and Fidelity. Other crypto firms like Bitwise and Grayscale also offer Bitcoin ETFs.
Additionally, the SEC approved Ether ETFs a few months after the Bitcoin funds. Now, several companies seek approval for ETFs linked to cryptocurrencies such as XRP, Solana, and Dogecoin.
Truth Social’s interest in cryptocurrencies surfaced earlier this year. The company applied to trademark six investment products connected to Bitcoin and other sectors. With this new filing, Truth Social files for Bitcoin ETF to expand crypto offerings, signaling its growing involvement in the crypto space.
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