Truth Social, operated by Trump Media and Technology Group, has filed an S-1 registration statement with the SEC for its own Bitcoin and Ethereum ETFs on NYSE Arca.
Details of the New ETF
According to the filing, the new ETF will be called Truth Social Bitcoin and Ethereum ETF (ticker B.T.). It will hold assets in both Bitcoin and Ether, with 75% of those assets in Bitcoin and 25% in Ethereum.
Crypto Company Crypto.com to Support the Fund
The fund will be backed by Crypto.com, which will handle all aspects of asset custody. It will also manage trade execution, staking, and liquidity. Therefore, operations for storing digital coins, executing buy/sell orders, and staking will be conducted through a single trusted crypto platform.
Awaiting SEC Approval
Now, all eyes are on the SEC for approval of both the S-1 registration and a separate 19b-4 form proposing rule changes to allow the listing. This process can take several months, and there is no guarantee of approval.
If approved, the ETF will compete in a crowded market, with established players like BlackRock and Fidelity already offering similar products.
