Truth Social Moves Towards Launching Bitcoin ETF with NYSE Arca Filing

Truth Social has taken steps to launch a bitcoin ETF, filing with NYSE Arca. The proposed Truth Social Bitcoin ETF aims to track bitcoin’s price, offering a simpler investment method. A partnership with Crypto.com will help launch various crypto products pending approval. If successful, this ETF would be a politically connected addition to the growing bitcoin market, which has seen significant asset inflow since the start of 2024.

Donald Trump’s social media venture, Truth Social, is taking significant steps towards launching a bitcoin exchange-traded fund (ETF). On Tuesday, NYSE Arca, the electronic arm of the New York Stock Exchange responsible for much of the ETF trading, filed documentation to list a bitcoin fund associated with Trump’s media company. This move indicates Trump’s growing influence in the cryptocurrency sector.

The filing, known as a 19b-4, is essential as it will determine whether regulators permit the fund to operate on a U.S. exchange. The proposed product, named the Truth Social Bitcoin ETF, aims to track bitcoin’s price and provide an accessible entry point for investors without requiring them to directly own the cryptocurrency. This development follows a partnership announced in March between Trump Media and Crypto.com aimed at launching various digital asset products this year, contingent upon regulatory endorsement.

The forthcoming offerings are expected to include combinations of different cryptocurrencies— including bitcoin and Crypto.com’s own Cronos token—alongside traditional securities. These products will be marketed under the Trump Media brand and accessible to a worldwide audience through various brokerage platforms and the Crypto.com app, which caters to over 140 million users.

Since the advent of spot bitcoin ETFs in January 2024, the sector has rapidly expanded, amassing over $130 billion in total assets. BlackRock’s iShares Bitcoin Trust, holding around $69 billion, leads the market as the largest digital asset manager today.

As the majority owner of Truth Social’s parent company, Trump Media & Technology Group, Trump has initiated several crypto-related actions in recent months, including trademarking digital asset products and announcing a $2.5 billion bitcoin treasury plan last week in Las Vegas. Should the ETF receive regulatory approval, it would mark one of the most politically connected entries into the flourishing market for bitcoin funds.

Additionally, SEC Commissioner Hester Peirce discussed the agency’s evolving relationship with the cryptocurrency sector in a recent statement. She mentioned that regulators are trying to develop a framework before enforcing any regulations, which has been a point of contention in the ongoing dialogue surrounding the future of cryptocurrencies in the U.S.