Donald Trump’s Truth Social Files to Launch a Bitcoin ETF with the SEC
Key Points:
- Truth Social has submitted an official S-1 registration statement for its proposed Bitcoin ETF.
- The fund will be backed by Foris DAX Trust Company as the custodian and sponsored by Yorkville America Digital.
- NYSE Arca has also filed a 19b-4 form to facilitate trading of the ETF shares.
Donald Trump’s media platform, Truth Social, has taken a significant step toward entering the cryptocurrency investment space by filing a registration statement with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin exchange-traded fund (ETF). This follows a related filing by NYSE Arca to list and trade shares of the fund.
Details of the Truth Social Bitcoin ETF Filing
According to the newly filed S-1 prospectus, the proposed “Truth Social Bitcoin ETF” will primarily hold Bitcoin, with custody provided by Foris DAX. The fund’s sponsor is Yorkville America Digital. Specific details—such as the ETF’s ticker, initial funding, and share price—were not included in the filing.
The NYSE Arca’s earlier 19b-4 filing on June 4 marked the beginning of the regulatory approval process for listing the fund. Similar to other spot Bitcoin ETFs, the Truth Social fund will track the cryptocurrency’s market price and offer institutional investors exposure to Bitcoin.
Bloomberg’s senior ETF analyst Eric Balchunas commented on the development, pointing out that while it’s a unique situation due to the Trump connection, Truth Social faces tough competition in a saturated ETF market where existing products are already well-established, low-cost, and highly liquid.
Potential Timeline and Notable Risks
An S-1 ETF filing typically takes about 240 days for approval, though Balchunas noted in a post on X that upcoming SEC guidance could accelerate the timeline. He also highlighted a notable entry in the “risk factors” section of the filing: a clause on “regulatory uncertainty/headwinds,” referencing Trump’s own role in launching a crypto task force and creating a Bitcoin Strategic Reserve. This unusual inclusion of a fund advisor in the risk disclosure adds an unexpected twist to the ETF’s story, according to Balchunas.
