Trump Media & Technology Group (TMTG), the company behind the Truth Social platform and majority-owned by former U.S. President Donald Trump, has taken a significant step into the cryptocurrency market by filing for a spot Bitcoin Exchange Traded Fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The filing, made on June 3, 2025, represents a strategic business expansion for Trump Media beyond its existing social media, streaming, and fintech operations.
The proposed ETF, named Truth Social Bitcoin ETF (B.T.), aims to directly hold Bitcoin and offer shares that track its price performance. If approved, the ETF shares will be listed on the NYSE Arca exchange. Yorkville America Digital, described as an "America-First asset management firm," is listed as the sponsor. Crypto.com is slated to serve as the exclusive Bitcoin custodian, prime execution agent, and liquidity provider for the ETF.
The move aligns with a broader embrace of cryptocurrency by Trump Media, which has previously announced plans to integrate crypto tokens and wallets into its Truth+ video streaming service. CEO Devin Nunes has spoken of introducing a utility token within a "Truth digital wallet" that could initially be used to pay for Truth+ subscriptions and later applied to other products and services within the Truth ecosystem.
This ETF filing isn't an isolated event. Trump Media has been actively building its presence in the crypto space. Earlier this year, the company launched Truth.Fi, a financial brand offering investment tools with conservative values, including options focused on "American energy and independence" through ETFs and digital assets. In April 2025, Trump Media and Crypto.com established a collaboration to facilitate crypto-related products, including custody services and wallet development. Furthermore, TMTG announced a substantial $2.5 billion capital raise to establish a Bitcoin treasury, intending to make the company one of the largest Bitcoin holders among publicly traded U.S. firms.
The SEC now faces the task of reviewing the filing. The agency has 45 days to decide whether to accept, reject, or delay the application. Ultimately, the SEC has up to 240 days to reach a final decision, with a deadline potentially extending to January 29, 2026. Approval of both the S-1 registration statement and the Form 19b-4 filing is necessary for the ETF to launch.
If approved, the Truth Social Bitcoin ETF would enter a competitive market already populated by 11 existing spot Bitcoin ETFs, including those from financial giants like BlackRock and Fidelity. BlackRock's iShares Bitcoin Trust ETF (IBIT) currently dominates the market with nearly $69 billion in assets under management.
Despite the competition, the Truth Social Bitcoin ETF could attract a unique segment of investors aligned with the platform's political views. However, the ETF's ties to Trump could also raise ethical concerns and potential conflicts of interest.
The ETF's filing reveals several key aspects of its structure. It will function as a physically-backed Bitcoin product, meaning it will hold actual Bitcoin rather than derivatives or futures contracts. The trust aims to mirror the performance of the price of Bitcoin before expenses and liabilities. The filing also seemingly reserves the right for the ETF's sponsor to engage in front-running transactions.
The SEC's decision on the Truth Social Bitcoin ETF will be closely watched as it marks a significant step for Trump Media into the world of cryptocurrency and raises questions about the intersection of politics and digital assets.
