Truth Social, the social media platform linked to former U.S. President Donald Trump, has officially filed an S-1 registration with the Securities and Exchange Commission (SEC) to launch a dual Bitcoin and Ethereum ETF. The proposed Truth Social Bitcoin and Ethereum ETF aims to provide investors with exposure to BTC and ETH without the complexities of direct cryptocurrency ownership.
Key Highlights of the ETF Filing
- Sponsorship & Custody: The ETF is sponsored by Yorkville America Digital, with Crypto.com’s Foris DAX Trust serving as the custodian for the underlying Bitcoin and Ethereum holdings.
- Exchange Listing: The shares are expected to be listed on the NYSE Arca, though the ticker symbol and cash custodian remain undisclosed.
- Backed by Real Assets: Each ETF share will be backed by physical BTC and ETH, held securely by the custodian.
Why This ETF Matters
This move follows the SEC’s recent approval of Trump Media and Technology Group’s (TMTG) $2.3 billion Bitcoin treasury registration. While TMTG stated it has no immediate plans to issue securities under this deal, the filing signals growing institutional interest in crypto-backed financial products.
What’s Next?
Truth Social plans to file an amendment with further details, including the terms of its prime execution agency agreement with Crypto.com. The approval timeline remains uncertain, as the SEC has historically been cautious about crypto ETFs.
Market Impact & Investor Takeaway
- If approved, this dual ETF could attract both retail and institutional investors seeking regulated exposure to Bitcoin and Ethereum.
- The involvement of Crypto.com as a custodian adds credibility, given its established presence in the crypto space.
- This development reinforces the increasing intersection of social media, politics, and cryptocurrency.
Final Thoughts
The Truth Social Bitcoin and Ethereum ETF filing marks another milestone in the mainstream adoption of cryptocurrencies. While regulatory hurdles remain, its approval could pave the way for more innovative crypto investment products. Investors should stay tuned for further updates as the SEC reviews the proposal.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.