Trump Media’s Truth Social Seeks SEC Approval for Bitcoin ETF as It Ramps Up Digital Asset Investments

Truth Social Steps into Bitcoin ETF Market with NYSE Arca Filing

Truth Social, the media platform linked to U.S. President Donald Trump, is taking direct aim at the booming Bitcoin investment space with a new ETF proposal.

On 3 June, NYSE Arca submitted a Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) seeking approval to list the “Truth Social Bitcoin ETF” — a fund designed to mirror Bitcoin’s price performance and offer retail and institutional investors regulated exposure to the digital asset.

What Is The Truth Social Bitcoin ETF Planning To Offer?

The proposed fund would be managed by Yorkville America Digital, a known partner of Trump Media & Technology Group (TMTG), and custody services would be handled by Foris DAX Trust Company, the same firm that safeguards assets for Crypto.com.

The ETF would settle in cash only, meaning investors would not take direct possession of Bitcoin.

No ticker symbol or management fee details were included in the filing.

If approved, the Truth Social Bitcoin ETF would join a growing field of 11 spot Bitcoin ETFs, dominated by BlackRock’s iShares Bitcoin Trust (IBIT), which currently holds close to $69 billion in assets.

Total assets under management in this market have now surpassed $130 billion since the SEC first greenlit spot Bitcoin ETFs in January 2024.

Why Now? A $2.5 Billion Treasury Plan And A Digital Asset Push

The move follows a series of crypto-aligned initiatives by TMTG, including the recent unveiling of a $2.5 billion Bitcoin treasury strategy and ongoing efforts to build a fintech product line under the Truth.Fi brand.

In February, the company filed for six investment products tracking Bitcoin, U.S. energy, and manufacturing sectors.

Truth Social has also signed agreements with Yorkville and Crypto.com to launch a suite of “Made in America” crypto ETFs, as well as hybrid offerings that bundle Bitcoin, the Cronos token, and traditional securities.

These products, still pending regulatory clearance, would be accessible to Crypto.com’s global user base of more than 140 million people.

Crypto Products Extend to Streaming and Memecoins

TMTG’s ambitions stretch beyond financial products.

In April, CEO Devin Nunes shared plans with shareholders to incorporate a utility token and digital wallet into the Truth+ video streaming platform.

He said,

“We’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere.”

Trump Media’s crypto involvement also includes non-fungible token (NFT) collections, two memecoins, a stablecoin, and a crypto mining initiative.

One of the memecoins, Official Trump Meme ($TRUMP), has become a tool for further expanding the group’s influence across the digital asset sector.

Regulatory Clock Ticking As Trump’s Ties to Crypto Scrutinised

With the 19b-4 filing now in play, the SEC has up to 240 days to issue a final decision, starting with an initial 45-day review window.

A companion S-1 registration will also be required to detail the fund’s operations, investment strategy, and risk disclosures.

Trump, who remains the majority owner of TMTG, has placed his shares in a trust controlled by his son, Donald Trump Jr., upon returning to office.

Nevertheless, critics continue to question whether his growing crypto involvement poses conflicts of interest during his presidency.

As TMTG continues to deepen its footprint in digital assets, the Truth Social Bitcoin ETF represents its most direct bid yet to gain traction in a sector now central to institutional finance.