Truth Social Files for Spot Bitcoin ETF with SEC to Launch Fund
Truth Social, the social media company founded by U.S. President Donald Trump, is moving to launch a spot bitcoin ETF.
- Yorkville America Digital is sponsoring the fund and has filed an S-1 document with the SEC.
- This filing occurred shortly after a 19b-4 document was submitted, which typically follows the S-1.
- The NYSE Arca uploaded documents before Truth Social's submission.
- The 19b-4 filing imposes a 240-day deadline for SEC approval or rejection, while the S-1 does not have a set deadline.
- If approved, the ETF will be named Truth Social Bitcoin ETF, with assets custodied by Foris DAX Trust Company.
- This ETF would add to existing options from firms like BlackRock, Grayscale, and Fidelity.
- BlackRock’s iShares Bitcoin Trust (IBIT) has amassed nearly $70 billion in assets since its launch.