Trump-linked Asset Manager Files Truth Social Bitcoin ETF with SEC

Former US President Donald Trump’s asset manager has filed for a Bitcoin ETF linked to Truth Social, potentially complicating his crypto affiliations and raising conflict of interest concerns. The ETF aims to track Bitcoin’s value and enters a crowded market dominated by BlackRock. The SEC must review the application within 45 days, and Trump Media plans to integrate cryptocurrency into its streaming services and fintech endeavors.

An asset management firm associated with former US President Donald Trump has officially submitted plans for a Bitcoin exchange-traded fund (ETF) linked to his social media platform, Truth Social. The filing, made to the Securities and Exchange Commission (SEC) by NYSE Arca on June 3, is on behalf of Yorkville America Digital, which partners with Trump Media & Technology Group, the owner of Truth Social.

Donald Trump holds majority ownership in Trump Media, although he transferred his shares into a trust managed by his son, Donald Trump Jr., prior to his return to the White House. The proposed ETF aims to list on the NYSE Arca and will track the price of Bitcoin (BTC). While the filing lacks details on management fees or a stock ticker, it mentions the Foris DAX Trust Company as the asset custodian, which manages Crypto.com assets.

If the SEC approves this ETF, it will enter a competitive market of Bitcoin ETFs, joining 11 other funds, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) leading the pack at nearly $69 billion in assets under management. This move could further complicate Trump’s existing controversial associations with cryptocurrency, with critics alleging these connections may represent a conflict of interest related to his political responsibilities, asserting that Trump might benefit financially from his presidential position.

Besides the ETF, Trump and his family are also associated with various cryptocurrency initiatives, ranging from multiple non-fungible token (NFT) collections to a stablecoin, and a crypto mining operation. This latest ETF filing follows an April agreement between Trump Media, Yorkville America Digital, and Crypto.com to unveil a series of “Made in America” crypto ETFs.

The submission of the Truth Social Bitcoin ETF initiates the SEC’s review process. The SEC has a maximum of 45 days to decide whether to approve, reject, or delay the application. Should delays occur, the review could extend up to 240 days, with a final decision due by January 29, 2026.

As part of the proposal, Yorkville also plans to submit an S-1 registration statement which will outline the ETF’s offerings, operational plans, the planned use of raised funds, and associated risks to the SEC. Previously, Trump Media submitted a filing for a separate “Truth.Fi Bitcoin Plus ETF” in February, which could potentially tap into the $250 million set aside for its fintech ambitions.

Further developments are on the horizon as Trump Media’s CEO, Devin Nunes, indicated on April 29 that the company intends to incorporate a crypto token and digital wallet into its video streaming service, Truth+. Nunes suggested that this utility token could first be used for subscription payments and later expanded to other areas within the Truth ecosystem.

These moves explore the potential for cryptocurrency integration into Trump Media’s services, first hinted at in November with a trademark application aiming to develop a digital wallet capable of processing crypto payments on Truth.Fi. Amidst these expansions in the crypto sector, questions linger regarding the implications of Trump’s ventures on conflicts of interest and insider trading, drawing scrutiny as more information comes forth.