Explore how President Donald Trump’s Truth Social is venturing into cryptocurrency with the proposed Truth Social Bitcoin ETF.
By Yana Khlebnikova
Updated
4 mins read
On June 3, NYSE Arca submitted a Form 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) to list the Truth Social Bitcoin ETF. The fund is associated with President Donald Trump’s media company, Trump Media & Technology Group (TMTG).
This proposed ETF aims to track the spot price of Bitcoin, providing investors with exposure to the cryptocurrency without the need to hold it directly.
The ETF is sponsored by Yorkville America Digital, a partner of TMTG, and, if approved, will be listed on NYSE Arca. Foris DAX Trust Company, affiliated with Crypto.com, is designated as the custodian for the fund’s digital assets.
This move is part of a broader strategy by TMTG to expand into the cryptocurrency sector. Earlier this year, the company announced plans to invest $2.5 billion in Bitcoin and other digital assets. Additionally, TMTG has partnered with Crypto.com to develop a suite of digital asset products under the Truth.Fi brand.
President Donald Trump’s ventures into the cryptocurrency space have expanded significantly, encompassing various digital assets and platforms. These initiatives include the launch of NFTs, meme coins, a stablecoin project, and plans for a substantial Bitcoin treasury. While these moves signify a strategic embrace of digital finance, they have also sparked debates over potential conflicts of interest and the ethical implications of a sitting president’s involvement in such ventures.
Trump’s foray into NFTs began with the release of digital trading cards, which reportedly generated over $35 million in sales. These NFTs, featuring various depictions of Trump, were sold through multiple series and have been a significant revenue source. Additionally, the $TRUMP meme coin, launched on the Solana blockchain, quickly amassed a market capitalization of $12 billion shortly after its release. The coin’s rapid appreciation and the concentration of its holdings have raised concerns about market manipulation and the ethical considerations of a president promoting a cryptocurrency that directly benefits him financially.
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The Trump family’s crypto endeavors extend to the development of a stablecoin named USD1, through their firm World Liberty Financial. This stablecoin has attracted significant investments, including a $2 billion deal with a fund backed by a foreign government. Moreover, Trump Media & Technology Group announced plans to raise $2.5 billion to establish a Bitcoin treasury, positioning the company as a major player in the cryptocurrency market. These substantial financial moves have intensified scrutiny over the blending of Trump’s political influence and personal business interests.
Trump Media is also exploring the integration of a utility token and digital wallet into its streaming service, Truth+. The proposed token would initially be used for subscription payments, with potential expansion into other services within the Truth ecosystem. This initiative reflects an effort to embed cryptocurrency functionality into the company’s digital platforms, further intertwining Trump’s media ventures with the crypto industry.
The filing of the Truth Social Bitcoin ETF has sparked discussions about potential conflicts of interest, given President Trump’s association with TMTG. While the president has placed his shares in a trust controlled by his son, Donald Trump Jr., critics argue that the intertwining of political influence and financial ventures raises ethical concerns.
If approved, the Truth Social Bitcoin ETF would join a growing list of spot Bitcoin ETFs in the U.S., a market that has seen significant growth since the SEC’s initial approvals in January 2024. The SEC now has up to 240 days to review the application, with a final decision expected by early 2026.
But, unlike Truth Social, other companies do not have Trump’s vast media and political support. How many people would tap into the president-affiliated ETF, if approved, remains to be seen.
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.
Yana Khlebnikova joined CoinSpeaker as an editor in January 2025, after previous stints at Techopedia, crypto.news, Cointelegraph, and CoinMarketCap, where she honed her expertise in cryptocurrency journalism.
