Trump Media and Technology Group, the company majority-owned by US President Donald Trump and that runs his Truth Social media platform, is wasting no time trying to introduce a spot Bitcoin exchange-traded fund (ETF) to US investors.
The company submitted a Form S-1 registration statement with the U.S. Securities and Exchange Commission for its Truth Social Bitcoin ETF on June 5. The proposed fund would hold spot Bitcoin and list on NYSE Arca, exposing investors to the apex cryptocurrency via shares on the stock exchange.
“The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The Trust seeks to generally reflect the performance of the price of Bitcoin,” the filing reads.
The new fund entails exclusivity clauses. According to the S-1, Crypto.com will offer certain services exclusively to the trust behind the product. Neither the ticker symbol for the Truth Social Bitcoin ETF nor the sponsor fee has been disclosed in the initial Form S-1.
The S-1 comes two days after NYSE Arca filed a Form 19b-4 seeking exchange approval to list and trade shares of the ETF. Both filings are standard dual applications required before an ETF can go live in the US.
The S-1 includes detailed information about the fund’s structure, strategy, and risk disclosures.
According to Bloomberg’s senior ETF analyst Eric Balchunas, the risk section highlights potential implications of President Donald Trump’s pro-crypto push and regulatory changes. The filing notes the establishment of an SEC crypto-task force in January and Trump’s March executive order creating a Strategic Bitcoin Reserve, adding that “it is not possible to fully predict the potential impacts on the Sponsor, the Trust, TMTG, Crypto.com, their affiliates or third-party service providers.”
“Pretty sure it’s the first time ever the advisor is in the risk section,” Balchunas posted on X. If approved and listed, the ETF will see crypto asset manager Yorkville America Digital, which is listed as sponsor, act in the role an advisor would play for an ETF filed under the U.S. Investment Company Act of 1940.
Approval for the Truth Social Bitcoin ETF would deepen President Trump’s ties with the crypto market. Trump Media and Technology Group recently announced a $2.3 billion offering to create a corporate Bitcoin treasury.
In addition, the proposed fund would join a bevy of 11 U.S. spot BTC ETFs approved by the SEC for trading on Wall Street last year. BlackRock’s iShares Bitcoin Trust (IBIT) has become one of the most successful ETF launches in the history of U.S. ETFs, with roughly $70 billion in assets since its debut.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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