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4d ago

Trump Media Pursues SEC Approval for Truth Social Bitcoin ETF

It follows the company’s $2.4 billion fundraising to back a bitcoin treasury.

Representations of cryptocurrency bitcoin are seen in this illustration picture created in Paris, France, March 9, 2024. REUTERS/Benoit Tessier/Illustration/File Photo
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Overview

  • NYSE Arca filed a 19b-4 application on June 3 to list the proposed Truth Social Bitcoin ETF, a product of Trump Media’s partnership with Yorkville America Digital.
  • The ETF is structured to track bitcoin’s price and offer investors regulated exchange access without directly holding cryptocurrency.
  • Trump Media & Technology Group raised $2.4 billion in stock and debt to establish a bitcoin treasury, signaling a deepening commitment to crypto.
  • The company plans to collaborate with Crypto.com and Yorkville America Digital on a suite of crypto-centric ETFs and invest up to $250 million of its own funds.
  • The move comes as spot bitcoin ETFs have amassed over $130 billion in assets since January 2024, led by BlackRock’s iShares Bitcoin Trust with nearly $69 billion.