Michaela
Truth Social, the social media network owned by President Donald Trump, has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a dual-spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF).
On June 16, Truth Social submitted an S-1 filing proposing the launch of the Truth Social Bitcoin and Ethereum ETF. Sponsored by asset manager Yorkville America Digital, the fund aims to give investors easy access to Bitcoin and Ether through shares backed by these cryptocurrencies, simplifying exposure without the challenges of direct ownership.
The filing states that Foris DAX Trust Company, operating as Crypto.com, will serve as the custodian for the trust. The ETF shares, backed by Bitcoin and Ethereum, are planned for listing on the New York Stock Exchange Arca (NYSE Arca).
While key details like the fund’s ticker symbol and cash custodian remain undisclosed, it has been confirmed that Crypto.com will serve as the exclusive cryptocurrency custody provider for Truth Social’s upcoming ETF.
Additionally, the social media company indicated it intends to submit a future amendment outlining the key terms of its prime executive agency agreement with Crypto.com.
Truth Social Filing Follows TMTG SEC Approval
Truth Social’s recent filing comes shortly after Trump Media & Technology Group (TMTG) secured SEC approval for its $2.3 billion Bitcoin treasury strategy, marking a significant regulatory milestone.
On June 13, the SEC declared effective the S-3 registration statement filed by TMTG on June 6. The filing reveals that the registration includes approximately 56 million shares, plus an additional 29 million shares linked to convertible notes, all tied to broader equity and debt agreements with nearly 50 investors.
The recent filing gives Trump Media & Technology Group the option to raise capital using a universal shelf registration, but the company emphasized that it currently has “no immediate plans” to issue new securities. This move appears to align with TMTG’s long-term strategy to broaden its business beyond existing media activities.
As the market watches closely, Truth Social’s entry into the cryptocurrency investment space with its proposed ETF signals a clear intent to diversify its offerings and engage a wider investor base. Whether this bold step will reshape the platform’s financial landscape remains to be seen, but it undoubtedly marks a new chapter in its evolving strategy.
Read More
- Trump Media Signs Preliminary Deal With Crypto.com to Launch ETFs
- SEC Concludes Crypto.com Investigation with No Enforcement Action
- Truth Social Denies Meme Coin Launch Rumors
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
