As reported, Trump Media and Technology’s Bitcoin and related securities now account for about two-thirds of its near $3 billion liquid assets. The firm, which manages Trump’s Truth Social platform, intends to continue expanding its Bitcoin and associated securities portfolio, with a further $300 million already earmarked for a crypto asset options acquisition strategy.

Devin Nunes, Chief Executive, expressed that these assets are crucial to the financial independence of the company, offering protection against financial institution discrimination and fostering synergies with the upcoming utility token for the Truth Social network.

Trump Media has previously ventured into the crypto industry by filing to initiate a Bitcoin investment fund and launching Truth.Fi, a finance company that intends to invest approximately $250 million in cryptocurrencies and other assets.

Through the signing of the Genius Act into law, Trump has facilitated widespread adoption and investment in the crypto industry, providing oversight for stablecoins, a crypto asset usually tied to a government currency like the US dollar. Furthermore, Trump has been advocating for the passing of the Clarity Act, which would establish a definitive regulatory framework for digital assets.

Once critical of the industry, Trump last year pledged to make the US the “crypto capital of the world” and to reduce regulatory hurdles in the sector.

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If given the green light, the trust’s holdings will “primarily be composed of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cronos (CRO)” — the Cronos blockchain’s native cryptocurrency, closely linked with the Crypto.com ecosystem — as per the preliminary prospectus. The initial distribution is anticipated to mirror value percentages of 70% BTC, 15% ETH, 8% SOL, 5% CRO, and 2% XRP, notes the submission.

Previously, Truth Social submitted applications for a standalone Bitcoin ETF in June, swiftly followed by an application for a combined Bitcoin and Ethereum ETF.

Just like the previous submissions, the “Truth Social Crypto Blue Chip ETF” is backed by Yorkville America Digital, with Foris DAX Trust Company acting as the custodian for the digital assets, as per the submission. The ETF shares are expected to be listed on the New York Stock Exchange Arca.

Earlier this year, Trump Media entered a binding contract with Crypto.com and asset management firm Yorkville America Digital for the launch of a series of ETFs. These are projected to include a range of digital assets and securities with a “Made in America” theme. In March, a controversial proposal to reissue 70 billion CRO ($6.9 billion) that was previously burned in 2021 was approved by Cronos, in line with Crypto.com’s plans for an ETF application.

Several other asset managers, including Bitwise, Grayscale, Franklin Templeton, and REX Shares, are also seeking the SEC’s approval for a number of spot crypto ETFs, featuring products focused on XRP, Solana, Dogecoin, Cardano, Avalanche, Hedera, Litecoin, and Polkadot. This surge comes in the wake of a new era for the organization under the pro-crypto Trump administration, with hopes of a more receptive stance than the previous Biden administration.

Disclaimer: The Block is an independent news outlet providing news, research, and data. Foresight Ventures, a major investor in other crypto companies, is a majority investor of The Block as of November 2023. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to produce objective, impactful, and timely crypto industry information independently. This article is for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.

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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.

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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.

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A Form 19b-4 was submitted to the NYSE Arca division on Tuesday, initiating the process for the Truth Social Bitcoin ETF. This ETF aims to follow the price movements of Bitcoin and requires approval from the Securities and Exchange Commission (SEC) to start listing and trading.

According to the application, “The Trust aims to mirror the performance of Bitcoin’s price, minus the Trust’s expenses and liabilities.” Yorkville America Digital, LLC is the sponsor of the Trust, while Foris DAX Trust Company, LLC is the custodian, as per the details mentioned in the application. Yorkville was previously described as an “America-first asset management firm” in a press release.

The Trump Media and Technology Group, listed on Nasdaq, operates Truth Social and Truth.Fi. The latter was established in January and green-lighted to invest up to $250 million of its $700 million+ cash reserves into traditional investment vehicles, SMAs, ETFs, Bitcoin, and “similar cryptocurrencies or crypto-related securities.” Recently, the group also established a corporate Bitcoin treasury with a $2.5 billion offering.

The SEC has been exhibiting a more favorable stance in its approach to regulating the crypto industry, including discontinuing certain lawsuits and investigations. Its new chair, Paul Atkins, has declared it a “new day” for the agency. This move by Truth Social is notable in the race for spot crypto ETFs, as it directly links a former president to the application.

Disclaimer: The Block is an independent media outlet offering news, research, and data. As of November 2023, Foresight Ventures, which invests in other crypto companies, is a majority investor in The Block. The Block operates independently to provide unbiased, impactful, and timely information about the crypto industry. This article is intended for informational purposes only and should not be considered as financial, legal, tax, investment, or other advice.

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