President Donald Trump’s right-leaning social media firm, Truth Social, is moving forward with plans to launch crypto-based exchange-traded funds in the United States, starting with a spot Bitcoin (BTC) ETF. Truth Social Bitcoin ETF Inches Closer After SEC Filing On Tuesday, NYSE Arca, which is part of the New York Stock Exchange, filed the Form 19b-4 with the U.S. Securities and Exchange Commission for fund that would track the price of BTC. “According to the Registration Statement, the Trust seeks to reflect generally the performance of the price of Bitcoin,” the filing reads. “The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities.” In January 2024, the SEC greenlighted nearly a dozen Bitcoin funds; the products had the most successful launch in ETF history, attracting money from investors seeking seamless and regulated access to the crypto industry. Now it seems that President Trump’s company is also looking to cash in on the action. The filing was made on behalf of crypto asset manager Yorkville America Digital, which is a partner of Trump Media & Technology Group, the operator of Truth Social. The fund would trade under the name Truth Social Bitcoin ETF, as per the filing. The custodian for the fund, if given the regulatory nod, would be Foris DAX Trust Company, which also serves as the custodian for Crypto.com’s assets. Several firms have been vying for spot crypto ETFs for altcoins ranging from Solana (SOL) to Ripple’s XRP to Dogecoin (DOGE), but Tuesday’s filing is notable given its ties to the U.S. President. The SEC has so far adopted a more lenient approach to regulating the crypto market by, for one, dismissing multiple high-profile lawsuits and probes amid new leadership . Trump Family’s Growing Crypto Empire Notably, President Trump and his family are behind a bevy of crypto-related businesses. Trump Media and Technology Group in January unveiled a new financial services and fintech brand called Truth.Fi, which would primarily focus on crypto. The firm teamed up with Crypto.com and Yorkville America Digital to launch crypto and energy ETFs, with Trump Media stating it planned to invest up to $250 million of its own cash into the products. Trump’s ambitions in the world of crypto took another leap last week after Trump Media announced it had finished raising $2.4 billion in stock and debt to create a corporate Bitcoin treasury. Meanwhile, World Liberty Financial (WLFI), the financial protocol backed by the Trump family, recently announced the launch of its own USD1 stablecoin, which will first be available on Ethereum and the Binance-linked BNB Chain.
