Trump-Linked Media Firm Enters Crypto ETF Arena
In a move that highlights the expanding intersection between politics, media, and cryptocurrency, Truth Social, the social media platform owned by Trump Media & Technology Group, is making its foray into digital assets through the launch of a spot Bitcoin exchange-traded fund (ETF).
NYSE Arca, a subsidiary of the New York Stock Exchange, submitted a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC)** on Tuesday. The filing proposes a new ETF titled the Truth Social Bitcoin ETF, which would directly track the price of Bitcoin rather than derivatives or futures contracts.
Yorkville America Digital and Foris DAX Involved
The application was submitted in partnership with Yorkville America Digital, a digital asset manager collaborating with Trump Media on this initiative. If approved, Foris DAX Trust Company, currently the custodian for Crypto.com’s holdings, will act as the custodian of the fund’s Bitcoin assets.
The proposed ETF structure mirrors those of existing spot Bitcoin ETFs, aiming to offer investors regulated access to the price movement of Bitcoin without requiring direct ownership of the digital currency.
This marks one of the first attempts by a politically affiliated media entity to engage with the regulated crypto investment market.
Filing Process and Regulatory Path Ahead
The 19b-4 document, filed by NYSE Arca, is a mandatory step for exchanges seeking to list a new product. In parallel, an S-1 registration statement from the fund issuer must also be filed to complete the application process. Approval of both documents by the SEC is required before the ETF can launch.
If granted approval, the Truth Social Bitcoin ETF would join a growing list of spot Bitcoin ETFs that have been launched in the U.S. following a shift in regulatory sentiment earlier in the year.
Implications for Crypto Markets and Politics
This development comes amid increasing institutional and political interest in Bitcoin and blockchain technology. The entry of a media platform closely associated with a former U.S. president adds a new dimension to crypto’s mainstream adoption trajectory, possibly drawing further attention from both retail investors and regulatory authorities.
The involvement of a politically-linked firm could influence broader public perception of crypto ETFs and digital assets as investment vehicles.
