A new chapter in President Donald Trump’s expanding cryptocurrency ventures has begun with a filing for a Truth Social Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).
Submitted by NYSE Arca on June 3 on behalf of Yorkville America Digital, a partner of Trump Media & Technology Group, the ETF aims to track Bitcoin’s price and deepen the Trump family’s footprint in the digital asset space.
Amid a crowded ETF market and growing scrutiny over potential conflicts of interest, the filing has sparked debate about the intersection of politics and finance, especially given Trump’s role in shaping U.S. crypto policy.
Truth Social Bitcoin ETF: A Bold Move
The Truth Social Bitcoin ETF, filed through NYSE Arca, seeks to list on the exchange and offer investors exposure to Bitcoin without direct ownership. Managed by Yorkville America Digital, with Foris DAX Trust Company (Crypto.com’s custodian) handling Bitcoin holdings, the ETF is part of a broader partnership formed in April between Trump Media, Yorkville, and Crypto.com to launch “Made in America” crypto ETFs.
The filing, a Form 19b-4, marks the start of the SEC’s review process, with a decision due by January 29, 2026, at the latest. Yorkville must also submit an S-1 registration to detail the fund’s operations, risks, and use of proceeds. The ETF joins a competitive market led by BlackRock’s iShares Bitcoin Trust ETF (IBIT), which manages nearly $69 billion in assets.
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Trump’s Growing Crypto Empire
Trump Media, majority-owned by President Trump but managed through a trust controlled by his son, Donald Trump Jr., is diversifying beyond its Truth Social platform. The company has ventured into crypto with NFT collections, two memecoins, a stablecoin (USD1), a crypto mining operation, and the World Liberty Financial platform, which raised $550 million in token sales.
In May 2025, Trump Media announced a $2.5 billion capital raise to build a Bitcoin treasury, reinforcing its crypto pivot. The company also filed for a “Truth.Fi Bitcoin Plus ETF” in February, allocating up to $250 million to its Truth.Fi fintech platform, which aims to integrate a utility token and digital wallet into its Truth+ streaming service for subscription payments and other services.
Did You Know?
Trump Media’s stock (NASDAQ: DJT) rose 2.1% to $21.84 on June 3, 2025, following the ETF filing announcement, reflecting investor optimism about its crypto ventures.
Ethical and Market Implications
The ETF filing has intensified concerns about conflicts of interest, as Trump’s presidency overlaps with his family’s financial stakes in crypto. Critics argue that the Trump family’s involvement in an industry subject to regulatory oversight raises ethical questions, with some accusing the ventures of exploiting political influence for profit.
A recent New York Times report highlighted that 813,294 wallets lost $2 billion trading the TRUMP memecoin, while the Trump family and partners earned $100 million in fees. The Senate’s Permanent Subcommittee on Investigations is probing the token’s ownership, adding to the scrutiny.
Despite these concerns, the ETF could attract conservative investors, leveraging Trump’s brand and the growing mainstream acceptance of Bitcoin, with spot Bitcoin ETFs drawing over $100 billion in assets since early 2024.
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