Quick overview

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Trump Media and Technology Group, the company operating his Truth Social media platform, owned by US President Donald Trump, applied to the US Securities and Exchange Commission (SEC) to establish a Bitcoin exchange-traded fund (ETF).

TMTG stated it had submitted an initial registration statement on Form S-1 for its Truth Social Bitcoin (BTC) ETF.

According to the filing, Bitcoin held by a custodian on behalf of the Trust makes up the majority of the Trust’s assets.

 The SEC received a proposal from NYSE Arca to list the Truth Social Bitcoin ETF on behalf of Yorkville America Digital, a crypto asset manager and partner of TMTG, which owns Truth Social.

If approved, cryptocurrency exchange Crypto.com will serve as the Truth Social Bitcoin ETF’s sole custodian, prime execution agent, and liquidity provider. The ETF is one of many cryptocurrency products seeking regulatory approval in the United States. There are exclusivity clauses in the new fund

The filing stated Crypto.com will only provide specific services to the product’s trust.

The costs associated with the product have not yet been determined. Although many Bitcoin ETF filings acknowledge possible conflicts of interest, they usually contain safeguards against them. ETF holders will likewise not be entitled to the associated asset in the event of a fork. The Sponsor will, as stated, “cause the Trust to irrevocably and permanently abandon the Incidental Rights.”