Trump Media & Technology Group Corp. is moving forward with plans to launch a Bitcoin-focused exchange-traded fund (ETF), seeking to establish itself in a crowded market of crypto investment products aimed at retail investors.
As reported by Bloomberg, NYSE Group filed regulatory paperwork on Tuesday to list the Truth Social Bitcoin ETF — named after Donald Trump’s social media platform. This filing marks a formal step in Trump Media’s effort to expand into financial products aligned with the former president’s priorities.
Earlier this year, Trump Media, where Trump holds a majority stake, applied to trademark several investment offerings centered around themes he has promoted, including cryptocurrency. The company also partnered with Yorkville Advisors, a New Jersey-based investment firm described as “an America-First asset management firm,” to guide the ETF through the approval process.
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Yorkville America Digital is listed as the sponsor of the proposed ETF. According to the filing, the fund will seek to track Bitcoin’s price by directly buying and selling the cryptocurrency. Custody of the digital assets will be handled by Foris DAX Trust Company LLC, an affiliate of Crypto.com. The filing does not mention Trump personally, nor does it provide details such as the ETF’s ticker symbol or fee structure.
If approved, the ETF would join more than 60 Bitcoin-related ETFs currently available in the U.S. market. Its political connection, however, could help differentiate it, as Trump has publicly supported crypto-friendly policies and suggested the idea of a national cryptocurrency reserve.
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Bloomberg Intelligence analyst Eric Balchunas said the filing represents both a notable endorsement of Bitcoin from Trump’s company and a routine entry into a saturated category. He noted that even if the Trump name would spark initial interest, the fund might still have trouble drawing in large amounts of capital and liquidity.
These connections have drawn concern from ethics experts who warn that Trump may profit monetarily from industries in which he also has influence over laws and policies. The president is not associated with the companies that hold his name, according to the White House. The roughly $4 billion worth of Trump Media shares have also been moved into a trust managed by his son, Donald Trump Jr.
