Truth Social, a social media platform operated by Trump Media & Technology Group (TMTG), is making a play in the Bitcoin ETF market. The platform has submitted a 19b-4 filing to the US Securities and Exchange Commission (SEC) via NYSE Arca, seeking approval to list and trade shares of the Truth Social Bitcoin ETF. The proposed investment product is being sponsored by Yorkville America Digital.
The proposed Truth Social Bitcoin ETF aims to mirror the spot price of Bitcoin, offering a regulated route for investors to gain exposure to the world’s leading cryptocurrency. According to the 19b-4 submission, “The Shares aim to offer a simpler alternative to investing in Bitcoin directly, whether via peer-to-peer transactions, other bases, or digital asset trading platforms.” The ETF will run under NYSE Arca Rule 8.201-E and will permit the creation and redemption of shares in blocks of 10,000 or more. The proposed fund’s net asset value (NAV) will be calculated daily using the CF Benchmarks Index.
The custodian for the proposed ETF is Foris DAX Trust Company. The filing, however, did not disclose the fees or the ticker symbol for the Truth Social Bitcoin ETF. Yorkville will also need to file an S-1 registration that will likely elucidate all the specifics. According to Bloomberg’s senior ETF analyst Eric Balchunas, the “Trump” name is not visible on the ETF or anywhere in the documents, though it is widely known that Truth Social is owned by Trump.
The SEC has 45 days from the posting of the 19b-4 filing on the Federal Register to accept, reject, or delay the application. This period can be extended to 90 days or a maximum of 240 days if required, setting the final decision deadline as January 29, 2026. If approved, Truth Social would be the first social media platform to sponsor a Bitcoin ETF.
The chances of the Truth Social Bitcoin ETF gaining approval seem promising, since the SEC has already granted permission to 11 spot Bitcoin ETFs. This move comes after Trump Media and Technology Group’s February application for trademarks for various tailored ETFs and separately managed accounts (SMAs). The company has also entered into service and licensing agreements with Yorkville Advisors.
In addition, it was reported that Crypto.com and Trump Media joined forces to launch new altcoin ETFs in March. Trump Media also disclosed its plans to establish a Bitcoin treasury by buying $2.32 billion in BTC.
