NYSE Arca has filed to list the Truth Social Bitcoin and Ethereum ETF, offering combined exposure to BTC and ETH with Crypto.com as custodian.
By Parth Dubey
Editor Yana Khlebnikova
Updated
2 mins read
NYSE Arca has recently filed a 19b-4 application with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Truth Social’s dual-asset exchange-traded fund (ETF), B.T.
Notably, as per the S-1 registration statement submitted by Truth Social on June 16, the fund would offer combined exposure to Bitcoin and Ethereum in a 3:1 allocation—75% in BTC and 25% in ETH.
Crypto.com is named as both the custodian and liquidity provider, and Yorkville America Digital will sponsor the investment vehicle.
The June 24 filing by NYSE Arca outlines a new rule change under the amended Securities Exchange Act of 1934, aiming to list the ETF on the platform.
If greenlit, the Truth Social ETF would join an already crowded digital asset ETF space. The SEC allowed trading of 11 spot Bitcoin ETFs in January 2024, which have since amassed $47.59 billion in assets. Data by SoSoValue further reveals that spot Ether ETFs, which were approved in July, have pulled in around $4.07 billion since their launch.
While the filing follows standard procedures, many analysts have voiced strong criticism about the proposal due to its political ties.
Notably, the ETF is linked to Trump Media & Technology Group (TMTG), the parent company of Truth Social. Moreover, Yorkville, the ETF’s sponsor, is financially linked with Trump Media (including a $2.5 billion share purchase agreement), raising questions about fiduciary neutrality.
Bloomberg ETF analysts noted that the Truth Social brand might attract retail investors aligned politically, but it also risks becoming a “political gift” rather than a robust financial instrument.
Critics argue that the political branding could compromise investor trust and market integrity, especially if the fund appears to benefit parties with existing financial ties.
Meanwhile, TMTG is expanding into the crypto space with its “America First” suite of blockchain-based financial products, in partnership with Yorkville. Planned offerings include a Bitcoin fund, a blockchain leaders fund, and a stablecoin income fund.
TMTG has also announced plans to raise $2.4 billion for its BTC treasury.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
