Truth Social, U.S. President Donald Trump’s media company, through its partner, has approached the Securities and Exchange Commission (SEC) to launch a fund, called Truth Social Bitcoin ETF. The fund would track the price of bitcoin, similar to the already existing spot bitcoin exchange-traded funds (ETFs).
Trump Media & Technology Group, the owner of Truth Social, has partnered with crypto asset manager Yorkville America Digital to set up this fund, however, its custodian will be Foris DAX Trust Company, which also serves as the custodian for Crypto.com’s assets. Back in April, Trump Media had signed an agreement with Yorkville America Digital and Crypto.com to launch a series of “Made in America” crypto ETFs.
According to the 19b-4 document, stock exchange NYSE Arca filed the paperwork for the Truth Social Bitcoin ETF, acting as a self-regulatory organization (SRO), that will see the ETF list on the NYSE Arca exchange. Once approved, the Trump-linked ETF will compete with the existing 11 similar funds dominated by BlackRock’s iShares Bitcoin Trust ETF (IBIT) and others awaiting SEC approval.
The next course of action will depend on SEC’s decision post its review process. The regulator can either accept, reject, or delay the application within 45 days. It can delay its decision multiple times, for a maximum review period of 240 days.