Truth Social Files for Bitcoin ETF with SEC to Expand Crypto Ventures
On June 3, NYSE Arca filed a Form 19b-4 with the SEC to list the Truth Social Bitcoin ETF linked to Trump Media & Technology Group (TMTG). The ETF aims to track Bitcoin's spot price, allowing indirect exposure for investors.
Key Details
- Sponsored by Yorkville America Digital, affiliated with TMTG.
- Foris DAX Trust Company will act as custodian for the fund’s digital assets.
- TMTG plans to invest $2.5 billion in Bitcoin and other digital assets.
- Partnership with Crypto.com to develop digital asset products under the Truth.Fi brand.
Trump's Crypto Ventures
- Initiatives include NFTs, meme coins, stablecoin projects, and a Bitcoin treasury.
- NFT trading cards generated over $35 million in sales; $TRUMP meme coin reached a $12 billion market cap.
- Stablecoin USD1 developed by World Liberty Financial attracted a $2 billion investment.
- TMTG aims to raise $2.5 billion for a Bitcoin treasury.
- Plans for a utility token integrated into Truth+ streaming service for subscription payments.
Ethical Considerations
The ETF filing raises concerns about potential conflicts of interest due to Trump's ties with TMTG. Critics highlight ethical implications despite Trump's shares being controlled by his son. If approved, this ETF would enter a growing U.S. market for spot Bitcoin ETFs, with a decision expected by early 2026.