NYSE Arca Files to List Truth Social’s Bitcoin-Ether ETF
NYSE Arca filed a 19b-4 application with the SEC to list and trade shares of Truth Social's dual-asset ETF, B.T.
- The fund will allocate 75% to Bitcoin and 25% to Ethereum.
- Crypto.com is the custodian and liquidity provider; Yorkville America Digital sponsors the ETF.
- The June 24 filing details a proposed rule change under the Securities Exchange Act of 1934.
- If approved, the ETF would enter a competitive market with 11 spot Bitcoin ETFs totaling $47.59 billion in assets since January 2024.
- Spot Ether ETFs, approved in July, have raised approximately $4.07 billion.
Political Concerns
- Critics raise concerns about the ETF's political connections to Trump Media & Technology Group (TMTG).
- Yorkville has financial ties to TMTG, including a $2.5 billion share purchase agreement.
- Bloomberg analysts suggest the brand may attract politically aligned retail investors but could undermine credibility.
- Concerns include potential conflicts of interest and compromised investor trust.
- TMTG plans to expand into crypto with various blockchain-based financial products and aims to raise $2.4 billion for its BTC treasury.