Truth Social: A Trump Media Firm Files to Launch Spot Bitcoin ETF

Truth Social Takes Aim at Bitcoin ETF Market with NYSE Arca Filing Amid Growing Crypto Push

Trump Media & Technology Group (TMTG), the parent company behind the conservative-leaning social media platform Truth Social, has officially taken its first formal step into the cryptocurrency investment landscape. In a bold and strategic move, the company filed a proposal on June 4 with the U.S. Securities and Exchange Commission (SEC) to list a spot Bitcoin exchange-traded fund (ETF) via NYSE Arca, the electronic securities exchange operated by the Intercontinental Exchange (ICE).

The proposed ETF is named the Truth Social Bitcoin ETF and is designed to track the real-time market price of Bitcoin. The filing, submitted through the standard Form 19b-4, sets the stage for a multi-month regulatory review process. If approved, the ETF would mark a significant entry point for Trump Media into the booming crypto investment sector.

Source: X

Though former President Donald Trump’s name is not explicitly mentioned in the filing, the connection is unmistakable. Truth Social is wholly owned by Trump Media, and while Trump has placed his majority ownership under a trust controlled by his son, Donald Trump Jr., the influence and branding power associated with the Trump name remain deeply tied to the platform and its ventures.

Strategic Alliances: Yorkville and Crypto.com Join the Initiative

TMTG is not navigating the cryptocurrency waters alone. The ETF will be launched in partnership with Yorkville America Digital, a financial firm known for its "America-first" investment ethos, and Foris DAX Trust Company, the custodial arm of Crypto.com, one of the largest crypto exchanges globally.

Yorkville will take the lead role in managing the ETF, ensuring regulatory compliance, and overseeing all fund operations. Foris DAX Trust Company will serve as the custodian of the Bitcoin backing the ETF shares, safeguarding the assets in cold storage—an industry best practice for institutional-grade digital asset custody.

This is not the first collaboration between these players. In April 2025, Trump Media entered into an agreement with Yorkville and Crypto.com to develop a series of “Made in America” crypto ETFs. The filing of the Truth Social Bitcoin ETF is the first tangible product to emerge from that partnership, signaling a growing ambition from Trump Media to become a formidable player in the digital asset space.

Following the announcement, Trump Media’s stock (DJT) saw a slight uptick of 0.45%, according to Google Finance, indicating cautious optimism among investors.

Details of the SEC Filing

The ETF application was made via Form 19b-4, a standard SEC filing used when requesting permission to list a new ETF on a national exchange. The form allows for a public comment period and grants the SEC up to 240 days to reach a final decision. While the SEC can technically respond within 45 days, it often extends the review, particularly for spot Bitcoin ETFs, which have faced regulatory scrutiny in the past.

The Truth Social Bitcoin ETF does not yet have an assigned ticker symbol or a publicly disclosed fee structure. However, the fund's objective is clearly stated: it aims to provide investors with exposure to the price movement of Bitcoin, net of operational expenses.

Trump Media’s Expanding Crypto Vision

The ETF filing is not a standalone venture for Trump Media—it’s part of a broader strategic push into the digital assets industry. Earlier this year, the company unveiled Truth.Fi, a decentralized finance platform with a reported capital reserve of more than $250 million earmarked for investments in cryptocurrency-related products, including Bitcoin, ETFs, and other financial vehicles.

Trump Media has also revealed plans to launch a digital wallet, likely integrated into its broader ecosystem, and is developing a utility token for use on its streaming service, Truth+, which would allow for subscription payments, premium content access, and other digital transactions.

In February, the company filed for a separate ETF product titled Truth.Fi Bitcoin Plus ETF, a more ambitious offering that may involve leveraging capital from the Truth.Fi platform to amplify returns through additional strategies such as lending or staking.

Navigating a Crowded and Competitive Market

If approved, the Truth Social Bitcoin ETF will enter an increasingly competitive arena. Since the SEC’s approval of several spot Bitcoin ETFs in early 2024, including the market-dominating BlackRock iShares Bitcoin Trust (IBIT), which has amassed over $69 billion in assets under management, the race to capture crypto-curious investors has intensified.

While most of these ETFs focus solely on price tracking and fee competition, the Truth Social Bitcoin ETF may carve out a niche based on its unique branding and political affiliations. Industry analysts are split on whether these ties will be an asset or a liability.

On one hand, supporters argue that the association with a former—and now current—U.S. President could help normalize cryptocurrency investment among traditionally conservative retail investors. On the other hand, critics raise concerns about potential conflicts of interest, particularly given Trump's return to public office and his historical skepticism toward Bitcoin and digital assets before his recent pivot in favor of the technology.

"This move further blurs the lines between public service and private enterprise," one former SEC official, speaking on background, told ABC News. "While there's nothing inherently illegal about this, it certainly adds a new layer of complexity to the regulatory oversight of digital asset markets."

SEC Timeline and Market Implications

The SEC now has until January 29, 2025, to issue a final ruling on the ETF application, although it can expedite the process or extend the decision-making timeline based on public feedback and internal deliberations.

If the Truth Social Bitcoin ETF secures approval, it would become the first Bitcoin ETF launched under a media company owned by a sitting U.S. President. It could also open the door for more crossover ventures between political entities and digital finance platforms—an idea that was almost unthinkable just a few years ago.

As the cryptocurrency market matures and garners more institutional acceptance, Trump Media’s latest move may reflect not only its ambitions to monetize its audience base but also a broader cultural shift toward mainstream crypto adoption.

Whether this filing will pass regulatory muster remains to be seen, but one thing is clear: Trump Media and Truth Social are no longer merely media companies. They are becoming active players in the rapidly expanding world of digital finance.

Writer @Erlin

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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