Trump Media and Technology Group, the company behind Truth Social, filed an initial registration with the U.S. Securities and Exchange Commission (SEC) to launch a new cryptocurrency exchange-traded fund (ETF). The ETF is called the Truth Social Bitcoin and Ethereum ETF, B.T.
As per the S-1 filing, if approved, this ETF will invest directly in Bitcoin and Ethereum, 75% in Bitcoin and 25% in Ethereum. The goal is to let investors gain exposure to these cryptocurrencies without having to buy or store them directly. The ETF aims to reflect the real price movement of Bitcoin and Ethereum.
The fund will be sponsored by Yorkville America Digital, which will be responsible for managing the fund and its operations. Crypto.com has been chosen to manage important services like crypto asset custody, trading execution, staking, and liquidity management. Provided that regulators will approve it, the ETF will be traded on the NYSE Arca exchange, a top destination for exchanging ETFs.
The launch is still pending. It needs the SEC to approve both the S-1 registration statement and a Form 19b-4 filing. Until then, the ETF shares cannot be sold.
Also Read: Trump’s Truth Social Files S-1 for Bitcoin ETF with SEC
