Trump Media advances Bitcoin ETF plans with Truth Social Brand
HighlightsTrump Media & Technology Group Corporation is moving closer to launching an exchange-traded fund tied to Bitcoin, named Truth Social Bitcoin ETF, as it joins the competitive landscape of crypto-investment options for retail investors. The New York Stock Exchange Group Incorporated has filed regulatory paperwork for the new Truth Social Bitcoin ETF, which aims to track the price of Bitcoin and will be sponsored by Yorkville Advisors, described as an 'America-First asset management firm.' Critics have raised ethical concerns regarding the potential financial benefits to former President Donald Trump from the cryptocurrency initiatives linked to his name, despite assurances from the White House that he is separated from the businesses carrying his name.
Trump Media & Technology Group Corp. appears to be one step closer to launching an exchange-traded fund tied to Bitcoin, joining the crowded field of crypto-investment offerings for the retail masses.
NYSE Group Inc. filed regulatory paperwork on Tuesday to list the Truth Social
Bitcoin ETF
, using the name of President
Donald Trump
's social network.
Trump Media, which is majority-owned by Trump, applied in February to trademark brands for investment products with themes that closely track the president's policy priorities, including Bitcoin. The firm signed a formal agreement with a New Jersey-based firm,
Yorkville Advisors
— which it referred to as 'an America-First asset management firm' — to shepherd the products through the approval process.
Yorkville America Digital is listed in Tuesday's filing as the sponsor of the new Truth Social ETF, which is set to buy and sell Bitcoin in order to track the price of the cryptocurrency. Crypto.com — through an affiliated entity named
Foris DAX Trust Company
LLC — will be the custodian of the digital tokens, according to the filing. The document does not mention Trump or offer a ticker or fees for the new fund.
Yorkville and Trump Media did not immediately respond to requests for comment.
If the fund is approved, it will join a universe of more than 60 US ETFs tied to Bitcoin. This one, though, could benefit from its ties to a president who has pushed for Bitcoin-friendly legislation and talked about creating a national cryptocurrency reserve.
'On one hand, this is pretty unchartered territory and a huge endorsement of Bitcoin from Trump's company,' said Bloomberg Intelligence senior ETF analyst Eric Balchunas. 'But on the other, it's a routine filing in a very crowded category and it will have its work cut out to attract flows and liquidity.'
The ETF is one of the many cryptocurrency-related businesses being built by companies tied to Trump. Trump Media recently announced that it would be borrowing money to invest in Bitcoin, and the company previously said it would invest in the ETFs it issues.
The links have drawn criticism from ethics experts because of the way Trump could benefit financially from areas where he is also responsible for setting policy. The White House has previously said the president is walled off from the businesses that carry his name. He has transferred about $4 billion worth of Trump Media shares to a trust controlled by his son Donald Trump Jr.
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