A new Bitcoin ETF linked to Donald Trump’s Truth Social platform has moved another step closer to approval, marking the latest crypto move associated with the US president.
A Bitcoin exchange-traded fund (ETF) linked to US president Donald Trump’s social media company has moved a step closer to approval, representing the latest high-profile entrant into the increasingly competitive crypto investment space.
According to a 3 June filing with the US Securities and Exchange Commission (SEC), NYSE Arca – the digital-first arm of the New York Stock Exchange – has submitted a proposal to list the Truth Social Bitcoin ETF.
The proposed fund is backed by Yorkville America Digital, a partner of Trump Media & Technology Group (TMTG) and the firm behind the Truth Social platform. While the ETF does not refer to Trump directly, he remains the majority shareholder of TMTG. This is because it operates through a trust controlled by his son, Donald Trump Jr.
What is the Truth Social Bitcoin ETF?
The Truth Social Bitcoin ETF aims to track Bitcoin’s price, offering retail investors an alternative way to gain exposure without holding the cryptocurrency directly.
If approved, the ETF would join more than 60 Bitcoin-linked funds already trading in the US, including industry leader BlackRock’s iShares Bitcoin Trust (IBIT), which already manages around $69 billion in assets.
What are the aims of the Trump Media & Technology Group?
This latest filing forms part of a broader digital asset strategy by TMTG. Earlier this year, the firm filed trademarks for crypto-themed financial products. It also entered into a formal partnership with Yorkville Advisors and Crypto.com.
Interestingly, TMTG referred to New Jersey-based Yorkville Advisors as an “America-First” asset management firm. Through their ongoing collaborations, the companies plan to launch a range of crypto investment products. This includes token baskets combining Bitcoin, Cronos (Crypto.com’s native token), and traditional securities.
As part of their expanding crypto-related commitments, TMTG recently announced a $2.5 billion Bitcoin treasury initiative. It has also pledged up to $250 million in reserves to support ETF development. The ETF will rely on Foris DAX Trust Company LLC, an affiliate of Crypto.com, to act as custodian for its digital assets.
Does Donald Trump have a conflict of interest?
Some critics of Donald Trump have raised concerns about potential conflicts of interest. The main issue surrounds the link between his current policy influence and continued business dealings. However, the White House maintains that the president no longer manages his business interests directly since re-entering politics.
As for the Truth Social Bitcoin ETF, industry analysts remain cautious. Despite its political appeal, a Trump-affiliated ETF may face stiff competition in an already saturated market.
What next for the Truth Social Bitcoin ETF?
The SEC has a period of 45 days to issue an initial decision on the fund or delay the process. Under regulatory guidelines, the independent federal agency can take up to 240 days to deliver a final verdict.
This means that the deadline could be extended through to January 2026. An additional S-1 filing will be required to outline the ETF’s structure, risk disclosures, and intended use of funds.
Should the ETF secure regulatory clearance, it would mark one of the most politically linked entries into the Bitcoin fund market to date. This could either energise a politically aligned investor base or spark further concerns around ethical scrutiny in the US.
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