Truth Social joins the crypto ETF race

Donald Trump’s Truth Social filed an S-1 with the U.S. Securities and Exchange Commission on June 16 for a dual Bitcoin and Ethereum exchange-traded fund (ETF). The fund, named Truth Social Bitcoin and Ethereum ETF (B.T.), is sponsored by Yorkville America Digital, LLC.

The ETF aims to provide combined exposure to both Bitcoin and Ethereum using a single product. According to Bloomberg’s ETF analyst James Seyffart, the initiative marks the first attempt to list a dual BTC-ETH spot ETF from a politically affiliated platform.

Truth Social joins the crypto ETF race

NEW: Trump's Truth Social has filed for a dual Bitcoin & Ethereum ETF. pic.twitter.com/a5iZtrtUyk

— James Seyffart (@JSeyff) June 16, 2025

President Donald Trump’s Media & Technology Group Corp (DJT, Financial), the operator of Truth Social, Truth+, and Truth.Fi has officially entered the crypto ETF ecosystem. The firm filed a Form S-1 with the SEC on Monday, proposing the launch of the Truth Social Bitcoin and Ethereum ETF. 

According to the filing, the proposed fund would offer investors simultaneous exposure to spot Bitcoin and Ethereum, eliminating the need to hold two separate crypto products. If the ETF gets approved, it could become a unique gateway for traditional investors looking for diversified crypto exposure in a regulated framework.

The registration places the ETF under the Securities Act of 1993, similar to how spot Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC were filed. Whether the new vehicle will target full spot holdings or operate under a hybrid or futures-backed model remains unclear.

The filing signals that Truth Social is attempting to pivot beyond social media into financial productization, leveraging the brand’s visibility and user base for capital market initiatives. The filing also showed that the ETF is backed operationally and legally by Yorkville America Digital, which has not previously sponsored a crypto ETF.

The ETF will hold Bitcoin and Ethereum directly, with 75% of its assets invested in BTC and 25% in Ether, and offer its shares to investors, aiming to reflect the price performance of both digital assets. Once launched, the Shares will be listed on NYSE Acra.

According to the filing, Crypto.com will act as the ETF’s exclusive Bitcoin and Ether custodian and prime execution agent, as well as a staking and liquidity provider. The fund is pending the effectiveness of the Registration Statement as well as approval of a Form 29b-4 filing with the SEC.

The fund’s registration comes two days after NYSE Acra lodged a companion Form 19b-4 seeking exchange approval to trade shares of the proposed fund. Both submissions are standard dual filings required before an ETF can be established.

“Pretty sure it’s the first time ever the advisor is in the risk section… it’s all so surreal.”

–Eric Balchunas, ETF Analyst at Bloomberg.

Balchunas believes the risk section cites the potential effects of Trump’s pro-crypto push and regulatory overhauls in what appears to be a first for a crypto-ETF prospectus. He also argued that it’s not possible to fully predict the potential impacts on the Sponsor, the Trust, TMTG, Crypto.com, their affiliates, or third-party service providers.

The filing also acknowledged creating an SEC crypto-task force in January and Trump’s March executive order establishing a Strategic Bitcoin Reserve. The firm highlighted that the recent developments suggest that regulatory clarity is still evolving, and their impact on the digital asset market is yet to be fully realized and could be adverse. 

Truth Social establishes corporate BTC treasury

TMTG also announced in May that it entered into subscription agreements with approximately 50 institutional investors for a private placement offering totaling nearly $2.5 billion. The firm said it will utilize the proceeds to establish a corporate Bitcoin treasury.

According to the company, the $2.5 billion in Trump Media common stock and $1 billion in convertible notes at a conversion price equal to a 35% premium. TMTG acknowledged that it plans to place Bitcoin on its balance sheet alongside existing cash, cash equivalents, and short-term investments totaling roughly $759 as of the end of Q1 of 2025.

The Nasdaq-listed company was created in January and approved to invest up to $250 million of its over $700 million in cash reserves into traditional investment vehicles, SMA’s, ETFs, Bitcoin, and similar crypto-related securities.

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