On June 16, 2025, Truth Social, the social media platform associated with former US President Donald Trump, filed an S-1 form with the US Securities and Exchange Commission.
The filing aims to launch a dual exchange-traded fund (ETF) for Bitcoin and Ether, sponsored by Yorkville America Digital.
This move follows the SEC's approval on June 13 of Trump Media and Technology Group's $2.3 billion Bitcoin treasury deal. (Source: Magazine: US risks being 'front run' on Bitcoin reserve by other nations: Samson Mow)
The proposed ETF, named Truth Social Bitcoin and Ethereum ETF, seeks to offer investors exposure to Bitcoin (BTC) and Ether (ETH) through shares backed by the crypto assets.
The shares will be backed by BTC and ETH held by the custodian, Foris DAX Trust Company, doing business as Crypto.com, according to the prospectus.
The ETF shares are proposed to be listed on the New York Stock Exchange Arca (NYSE Arca). (Source: Magazine: US risks being 'front run' on Bitcoin reserve by other nations: Samson Mow)
While Crypto.com is designated as the crypto custody provider, details like the fund's ticker and cash custodian are still pending.
Truth Social plans to amend the filing with a summary of the prime execution agency agreement with Crypto.com later. (Source: Magazine: US risks being 'front run' on Bitcoin reserve by other nations: Samson Mow)
TMTG previously confirmed a $2.5 billion capital raise to purchase Bitcoin in late May. (Source: Magazine: US risks being 'front run' on Bitcoin reserve by other nations: Samson Mow)