The Trump Media and Technology Group (TMTG) formally registered its Truth Social Bitcoin and Ethereum ETF as a domestic business trust in Nevada, hinting at a dual asset focus in the future.
The TMTG has yet to file official documents with the Securities and Exchange Commission. However, the Nevada registration may be the legal foundation for a potential spot or futures-based crypto ETF under the Truth Social brand.
TMTG registered its Truth Social Bitcoin ETF first
According to Nevada’s public business records filed on June 3, Trump’s media company registered its Truth Social Bitcoin ETF. Shortly after, NYSE Arca submitted Form 19b-4 to the SEC on behalf of Florida-based Yorkville America Digital, requesting approval to list and trade shares of the ETF. Per the filing, Yorkville America Digital will manage the ETF’s operations and the fund listed on NYSE Arca on approval.
Later, on June 5, Yorkville America Digital filed an S-1 registration statement with the commission for the Bitcoin fund. On the same day, the TMTG registered its Truth Social Bitcoin and Ethereum ETF in Nevada. The ETF offers exposure to Bitcoin and Ethereum, the two leading crypto assets by market cap, and thus may draw in a number of investors.
Some have speculated that the fund could eventually include spot- and futures-based investments.
Critics, however, believe the company’s crypto assets, if approved, will not offer long-term stability. Dave Nadig, an independent ETF expert, remarked, “I think it’s extraordinarily unlikely that products like [Truth Social Bitcoin ETF] gain long-term assets.”
The media company’s growing interest in ETF coincides with the increasing optimism over Bitcoin, which has traded above $100,000 in the last few weeks.
In May, the media company also said it planned to raise $1.5 billion in equity and another $1 billion in convertible notes for a “bitcoin treasury.” Addressing a BTC conference in Las Vegas one week later, Eric and Donald Trump Jr. touted cryptocurrencies as a cheaper, faster, and transparent alternative to fiat currency.
Trump Jr added that crypto is now a “huge part” of all they do. He later distanced himself and his family from a Trump-themed Bitcoin trading app, saying the Trump Organization had nothing to do with the project.
Nonetheless, the Trump family’s World Liberty Financial is set to introduce a crypto wallet soon.
TMTG DJT shares fell 8% on Thursday after Trump and Musk’s fallout.
Meanwhile, TMTG shares under the ticker DJT dropped 8% Thursday after President Donald Trump’s fallout with billionaire Elon Musk.
Their feud began with their difference over a tax and spending bill. Later, the president openly declared that he would cut off all government contracts with Musk-owned companies, while Musk suggested he should be impeached on his social media platform X.
Since then, in just a few hours, Tesla lost about $150 billion and closed down 14.3% on Thursday.
Jamie Cox, Managing Partner at Harris Financial Group, commented on their fallout:
Billionaire spats rarely have any lasting impacts on markets, but this fallout was more than predictable. At some point, there was bound to be some divergence in priorities that led to a split between Trump and Musk.
Jamie Cox
Mark Malek, Chief Investment Officer at Siebert Financial, also argued that the public is more worried about how the Senate will “skinny down this big beautiful bill.” than the potential deficit. He found it surprising that Elon is now a driving force behind people’s sudden interest in fiscal deficit.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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