Trump Media takes bold steps in crypto market as Truth Social targets Bitcoin ETF

Donald Trump’s media company is wading further into crypto. On June 3, 2025, NYSE Arca officially filed with the US Securities and Exchange Commission (SEC) an application to list the new spot Bitcoin-related exchange-traded fund (ETF) sponsored by Truth Social, which is the social media platform of the Trump Media & Technology Group (TMTG).

The filing was a form of “Form 19b-4,” the necessary letter for listing an ETF on a stock exchange in the United States. If approved, the fund will let investors bet on the price of Bitcoin without owning the digital currency.

The ETF is a collaboration between Truth Social and Yorkville America Digital, a self-described “America-first” asset manager. The Bitcoin holdings for the ETF will be held in custody by Foris DAX Trust Company, a crypto-affiliated firm.

Trump is not named in the filing. However, TMTG, the parent company of Truth Social, is also majority-owned by the president. He has a sizable financial and political footprint in this new crypto initiative.

The SEC has not yet assigned a ticker or outlined a fee structure. The regulatory agency also has up to 240 days to decide whether ETFs should be approved.

Trump Media takes bold steps in crypto market

This ETF filing is not just something in a vacuum. It’s part of a broader foray into the digital asset world by TMTG.

Trump Media introduced Truth earlier this year. Truth.Fi is a financial brand that offers investment tools with conservative values. One of its marquee objectives is to “support American energy and independence” with investment options such as ETFs and digital assets.

In April 2025, Crypto.com collaborated with TMTG.com. That agreement furnished a structure for operating crypto-related products such as custody service (Foris DAX) and wallet development support.

The boldest one came soon after. TMTG revealed a $2.5 billion capital raise for a new Bitcoin treasury. The fund is designed to support the company’s expanding lineup of financial tools and serve as a store of value.

Through Truth.Fi, the company also expects to roll out a crypto wallet called “Trump Coin Wallet” and is investigating how to enable users to invest directly in Bitcoin and other digital assets.

These moves speak to a strategic and financial commitment on the part of Trump Media to be a significant player in the crypto space — an area of the president’s life where he was previously a skeptic.

Washington redefines crypto oversight

The SEC’s stance on cryptocurrency seems more welcoming than in years past, given newly appointed Chairman Paul Atkins.

Recent developments have seen multiple enforcement actions against crypto firms drop, and there is a promise to continue to engage with blockchain companies. Washington has become more crypto-friendly as digital assets gain traction among younger and conservative voters.

For TMTG, the timing might be right. Several spot Bitcoin ETFs have been approved since the beginning of 2024. Those include products from heavy hitters such as BlackRock, Fidelity, and Grayscale.

However, the ETF backing Truth Social is noteworthy for its direct political ties and symbolism that a Trump-related platform is becoming part of the financial system in this manner.

This ETF could even evolve into a rallying point for conservative-minded investors seeking to invest in such aligned market alternatives if approved.

It might also give TMTG a fresh source of revenue as it looks to diversify away from social media and entertainment.

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