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Trump-Linked Truth Social Submits Bitcoin & Ethereum ETF Filing

Issuing its first formal financial move beyond social media, Truth Social's parent, Trump Media & Technology Group, has filed an S‑1 registration statement with the U.S. Securities and Exchange Commission to launch a Bitcoin and Ethereum exchange‑traded fund under the Truth Social brand. The application outlines plans to list the fund on NYSE Arca, although ticker symbols and fee structures have yet to be disclosed. NYSE Arca initiated the process on 3 June 2025 by submitting a Form 19b‑4 on behalf of TMTG and partner Yorkville America Digital, seeking approval to list the dual‑crypto ETF. The S‑1 filing followed on 5 June and provides deeper insights into structure and risk disclosures. The filings initiate the standard dual‑review process; the SEC has a 45‑day window for initial decision and up to 240 days for final approval. The prospectus confirms that the fund will hold spot Bitcoin and Ethereum—the first dual‑crypto vehicle under the Truth Social banner. Physical custody of assets will be handled by Foris DAX Trust Company, affiliated with which will also serve as execution agent and liquidity provider. Yorkville America Digital, a Florida‑based asset manager that emphasises 'Made‑in‑America' digital‑asset products, is named as the sponsor. ADVERTISEMENT Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, noted the risk disclosures reference President Trump's crypto‑favourable posture—highlighting regulatory shifts, the SEC's newly launched crypto task force, and a strategic U.S. Bitcoin reserve executive order—marking the first time an ETF filing openly tied a sitting president's actions to fund risk. The launch is part of a broader the strategic pivot by Truth Social into financial services. Earlier this year, Trump Media announced a $2.5 billion Bitcoin treasury initiative and submitted trademark applications under its brand for various crypto‑focused products. The move aligns with similar industry trends—11 spot Bitcoin ETFs have been approved since January 2024 by providers including BlackRock, Fidelity and Grayscale—a venue drawing billions in investor capital. Yet the dual‑crypto ETF enters a saturated market, and analysts caution that without distinctive value, it may not draw substantial flows despite its political branding. Market watchers observe that assets under management in competing spot Bitcoin ETFs are heavily concentrated—with BlackRock's IBIT holding approximately $69 billion, followed by Fidelity's fund at around $21 billion. The filings also highlight potential conflicts of interest. Yorkville America has financial ties with TMTG, including advising on and investing in both the firm's stock and private placement used to bolster the Bitcoin treasury. The application explicitly acknowledges these links may pose risks to investors. Timing is politically significant, with the SEC's current leadership under Paul Atkins perceived as taking a more crypto‑friendly stance. SEC deregulation efforts under President Trump's administration also form part of the context. Should the ETF be approved, it will enable investors to gain regulated exposure to Bitcoin and Ethereum—devoid of managing digital wallets or crypto‑exchange accounts—via traditional brokerage channels. The fund is poised to calculate daily net asset values, with intraday quotations updated every 15 seconds and comprehensive transparency on holdings, premiums and discounts. However, regulatory clarity remains pending. Absent from the filings are critical operational details, including ticker symbols, expense ratios and seed capital levels. Until the S‑1 becomes effective, the ETF cannot be marketed to investors. This marks a strategic landmark in Truth Social's quest to diversify beyond digital media. Its expansion into crypto finance brings together political influence, regulatory momentum and mainstream investor demand, potentially reshaping its corporate identity. At stake is the fund's ability to carve a credible and competitive space among established crypto‑ETF leaders.