Trump Media and Technology Group, the parent company of Truth Social, has officially filed to launch a Bitcoin ETF with the SEC.
Bitcoin ETF Application
The application for the Truth Social Bitcoin ETF was submitted on June 4 through NYSE Arca. This product will track the price of Bitcoin, and while the President's name is not mentioned directly in the documents, the connection is clear. Trump Media retains control over Truth Social, although his stake is under a trust managed by his son, Donald Trump Jr.
Partnership with Yorkville and Crypto.com
The launch of the ETF is being carried out in partnership with Yorkville America Digital, known for its support of "America-first" investment strategies. Yorkville will manage the fund and ensure compliance with U.S. laws. The Bitcoin used in the ETF will be stored by Foris DAX Trust, the same custodian that serves Crypto.com.
Crypto Ambitions
Trump Media is actively seeking opportunities in the digital asset space. This year, the company rolled out the Truth.Fi platform, which could invest over $250 million in ETFs and Bitcoin. There are also plans for a digital wallet and a new token for the Truth+ website.
If the ETF receives SEC approval, it will open new avenues for Trump Media in the crypto industry, despite potential conflicts of interest.
