Trump Media seeks Approval for Truth Social Crypto ETF
Trump Media and Technology Group Corp has taken a significant step towards launching a new crypto ETF. The company filed a Form 19b-4 with the SEC to list the Truth Social Bitcoin and Ethereum ETF on NYSE Arca.
The ETF, symbolized as B.T., will invest 75% in Bitcoin and 25% in Ethereum. It’s designed as a commodity-based trust, with Yorkville America Digital as the sponsor. Foris DAX Trust Company, a Crypto.com affiliate, will act as the custodian for both assets.
This ETF aims to simplify exposure to the two largest digital currencies. If approved, it will allow both retail and institutional investors to access Bitcoin and ethereum through traditional brokerage platforms.
The filing follows a previous announcement on June 16,where Trump Media filed a Form S-1 with the SEC. While the S-1 covers public offering details, the 19b-4 seeks regulatory approval for listing on a national exchange.
Key features include a passive investment strategy and the use of CME CF benchmark rates for asset valuation. Foris DAX Trust Company will store the assets in cold storage, ensuring security.
The SEC has up to 240 days to review the request. An initial response is expected within 45 days. This is Trump Media’s second crypto ETF proposal, with the first one still under review.
With growing demand for crypto ETFs in the U.S., this move by Trump Media could substantially impact the market. Stay tuned for updates on the SEC’s decision.
