Trump Media’s social media platform, Truth Social, has once again captured public attention by filing for the launch of a Bitcoin spot ETF amid the heated political debate surrounding crypto currencies. NYSE Arca, a part of the New York Stock Exchange, submitted the application on behalf of Truth Social in collaboration with Yorkville America Digital and Trump Media & Technology Group (TMTG), as reported by Coinmarketcap on Friday. If approved by the US Securities and Exchange Commission (SEC), this product will join the ranks of the already crowded crypto ETFs, ready to compete with big names like BlackRock.
The ETF is designed to track the Bitcoin market price directly (spot), differing from the futures contract-based ETF products that have been circulating for a while. By carrying the Truth Social brand, the product is expected to strengthen the position of the parent company, Trump Media, in the digital finance and crypto asset world. Besides expanding the business portfolio, this move is seen as a smart political and financial strategy amidst the increasing interest in digital assets.
According to the official submission made on June 3, the SEC will undergo a 240-day review process. During this period, the agency will decide whether the ETF is fit for approval or not. If successful, the ETF will be included in the Truth.Fi digital portfolio, a fintech platform owned by Trump Media that is currently being developed.
Interestingly, the ETF will be managed by Foris DAX Trust Company, a custodian institution that is also responsible for storing assets owned by Crypto.com. In the submission, the product is also described as an “American-made” ETF, in line with the nationalist narrative often brought by Donald Trump in his various business and political initiatives.
Meanwhile, the majority ownership of Truth Social held by Donald Trump has been transferred to a trust controlled by his son, Donald Trump Jr.
