US President Donald Trump’s social media firm Truth Social inches closer to the launch of its Bitcoin ETF, according to a new filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday. Yorkville America Digital is listed as the sponsor of the Truth Social Bitcoin ETF.
NYSE Arca, the all-electronic arm of the New York Stock Exchange, submitted a filing to the U.S. SEC on June 3, seeking regulatory approval to list the Truth Social Bitcoin ETF. Trump Media & Technology Group (NASDAQ: DJT) owns the social media platform Truth Social.
With the popularity and massive inflows gained by spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin ETF (IBIT), Truth Social Bitcoin ETF filing is the latest sign of Trump’s push into the crypto world. The Bitcoin ETF will track the price of bitcoin and offer an easy way for investors to gain exposure.
Eric Balchunas, senior ETF analyst at Bloomberg, said the filing did not mention a management fee or ticker but Foris DAX Trust Company LLC is the custodian. He thinks an S-1 filing soon will reveal most details, with no mention of “Trump” name on the ETF or in the filing.
Trump Media (DJT) stock closed 2.10% higher at $21.84 on Tuesday. DJT stock is expected to witness further upside today as the price jumped 0.46% after market hours.
Recently, Trump Media & Technology Group announced raising $2.5 billion to build its Bitcoin treasury and support its everyday operations.
Update: On June 5, Truth Social Bitcoin ETF submitted an S-1 prospectus to the U.S. Securities and Exchange Commission. The filing did not reveal fees and ticker for the Bitcoin ETF.
