Truth Social, the social media platform linked to Donald Trump, has officially filed for the launch of an ETF backed by Bitcoin and Ethereum.
Details of ETF Filing
On June 16, Truth Social filed an S-1 form with the US Securities and Exchange Commission (SEC) to issue and trade a Bitcoin and Ethereum ETF. The ETF will be sponsored by asset management firm Yorkville America Digital.
Plans for Listing and Custody
According to the filing, the ETF seeks to provide investors with exposure to Bitcoin (BTC) and Ethereum (ETH) by offering shares backed by these crypto assets. The shares will be backed by BTC and ETH held by custodian Foris DAX Trust Company, doing business as Crypto.com.
SEC Approval of Bitcoin Treasury Deal
The ETF filing follows the approval by the SEC of the $2.3 billion Bitcoin treasury deal by Trump Media and Technology Group on June 13. The company stated that it currently has 'no immediate plans' to issue any securities under the deal.
The filing for the ETF by Truth Social represents a significant step towards expanding investment opportunities in crypto assets and adds another layer of support to the cryptocurrency ecosystem.
