Truth Social, the social media platform owned by US President Donald Trump, has taken a remarkable step into the cryptocurrency world. The company's subsidiary Trump Media & Technology Group (TMTG) has filed an application with the US Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) called “Truth Social Bitcoin ETF”. The application was filed through NYSE Arca, the digital arm of the New York Stock Exchange.
The effort to facilitate access to Bitcoin continues
According to the 19b-4 application form filed with the SEC in the first minutes of June 4, 2025, Turkey time, the fund will be structured to directly track the price of Bitcoin. The Truth Social Bitcoin ETF aims to offer investors an investment vehicle directly indexed to the BTC price, similar to previously approved spot Bitcoin ETFs. This fund is sponsored by crypto asset management company Yorkville America Digital. The institution that will provide custodian services is planned to be Foris DAX Trust Company, which is currently the custodian of Crypto.com.
“Trump” name not used for investment product
According to Eric Balchunas, a senior ETF analyst at Bloomberg, the application did not include any management fees or information on the fund's ticker. Also, the ETF documents do not directly mention the name “Trump”. However, Trump Media & Technology Group, the umbrella company of Truth Social, is clearly listed as backing the ETF.
In order for the ETF to be officially traded, the SEC must approve not only the Form 19b-4, but also the S-1 registration statement, which provides detailed information about the investment vehicle. The S-1 documents contain detailed information on the fund's structure, management strategy and investment scope. Through these documents, the SEC has the chance to assess the level of transparency and risk the fund offers to investors.
Bitcoin ETF race heats up
Truth Social's move comes after spot Bitcoin ETFs, which were approved in 2024, attracted a lot of attention. Bitcoin ETFs already offered by giant institutions such as BlackRock, Fidelity, Bitwise and Grayscale have brought billions of dollars into the market. Following these developments, the SEC also gave the green light to Ethereum (ETH) ETFs. Now ETF applications for other cryptocurrencies such as XRP, Solana and Dogecoin are waiting in line.
Trump's crypto initiative continues
Truth Social's ties to the crypto sector have become more apparent recently. At the beginning of the year, the company applied for six different trademark registrations related to Bitcoin and various investment products. Not content with this, Trump Media announced in recent weeks that it has raised $2.5 billion in capital and will use some of these funds to build Bitcoin reserves.
