Truth Social, a social media platform started by former US President Donald Trump, has recently submitted an S-1 form to the U.S. Securities and Exchange Commission. The purpose of this filing is to launch an exchange-traded fund (ETF) that will cater to both Bitcoin and Ether.
The S-1 form, which was filed on June 16, suggests the introduction and trading of Truth Social Bitcoin and Ethereum ETF. The asset management firm, Yorkville America Digital, sponsors this initiative. The trust’s objective is to grant investors access to both Bitcoin (BTCUSD) and Ether (ETHUSD) through shares supported by these crypto assets, thereby eliminating the intricacies associated with direct investment.
According to the prospectus, the shares are backed by BTC and ETH held by the custodian on behalf of the trust, Foris DAX Trust Company, operating under the name Crypto.com.
It is proposed that the ETF shares be listed on the New York Stock Exchange Arca (NYSE Arca), as per the filing. Truth Social has officially appointed Crypto.com as its dedicated crypto custody provider, yet it has not finalized the specifics of the forthcoming ETF, such as the fund’s ticker and its cash custodian.
Truth Social has also stated its intention to submit an amendment outlining the terms of the prime execution agency agreement with Crypto.com in the near future.
The filing for the Truth Social Bitcoin and Ethereum ETF comes after the SEC approved Trump Media and Technology Group’s $2.3 billion Bitcoin treasury deal on June 13. The company mentioned in their statement that they have “no immediate plans” to issue any securities under the deal.
In late May, TMTG confirmed a $2.5 billion capital raise to buy Bitcoin, after initially denying reports about the raise. This news is still developing, and additional information will be provided as it becomes available.
