Overview

• On June 5, Truth Social’s ETF business trust filed an S-1 registration statement with the SEC to launch a spot Bitcoin ETF under the Truth Social brand.
• The fund is sponsored by crypto asset manager Yorkville America Digital and intends to trade on NYSE Arca pending SEC approval.
• Foris DAX Trust Company has been designated to custody the ETF’s underlying Bitcoin holdings.
• Earlier this week NYSE Arca submitted a 19b-4 proposal, initiating a 240-day deadline for the SEC to rule on the ETF’s listing.
• The initiative advances President Trump’s pro-cryptocurrency strategy, which includes a proposed $2.32 billion Bitcoin treasury and eased regulatory oversight.