Truth Social Aims to Launch Bitcoin and Ethereum ETF on NYSE Arca
The United States Securities and Exchange Commission (SEC) has formally acknowledged a registration filing from Trump Media & Technology Group (TMTG) for the Truth Social Bitcoin and Ethereum ETF, a proposed fund tied to the company’s Truth Social platform.
Filed on June 16, 2025, and named “Truth Social Bitcoin and Ethereum ETF, B.T.,” the ETF intends to offer investors exposure to Bitcoin and Ethereum through a regulated vehicle.
The SEC’s acknowledgment, announced on July 7, 2025, signals the beginning of a review process, but approval remains uncertain, with TMTG’s political affiliations potentially complicating its path.
Inside the Truth Social ETF
The Truth Social Bitcoin and Ethereum ETF, sponsored by Yorkville America Digital, LLC, a subsidiary of Yorkville America, LLC, holds around 75% of its portfolio in Bitcoin and 25% in Ethereum, with quarterly rebalancing to maintain a 3:1 ratio.
Foris DAX Trust Company, LLC, operating as Crypto.com, will serve as the custodian, where the cryptocurrencies are held in cold storage.
The ETF’s net asset value (NAV) is calculated on a daily basis at 4:00 p.m. ET, derived from the CME CF Bitcoin Reference Rate and CME CF Ether Reference Rate, as reported in the SEC’s S-1 filing (File No. 333-279999).
For listing on the NYSE Arca, the ETF will make deliveries of shares in multiples of 10,000—”Baskets“—by authorized participants. This structure is meant to make crypto investing accessible for retail investors, increasing exposure to Bitcoin and Ethereum.
TMTG’s crypto strategy includes a reported $2.3 billion Bitcoin treasury acquisition and a $2.5 billion capital raise, a testament to its growing focus on digital assets.
SEC Kicks Off Review of Trump’s Crypto ETF Dream
The SEC’s acknowledgment initiates a review period of 45 to 240 days, depending on whether the agency extends its evaluation. A 21-day public comment period, starting after Federal Register publication, allows submissions on the SEC Website.
On June 25, 2025, NYSE Arca submitted a 19b-4 rule change proposal to support the ETF’s listing, as reported by Ecoinomist.
The review falls under Section 6(b)(5) of the Securities Exchange Act, assessing investor protection and fraud prevention. A Comprehensive Surveillance Sharing Agreement (CSSA) with the Chicago Mercantile Exchange (CME) aims to reduce market manipulation risks.
Given TMTG’s connection to President Donald Trump, some analysts warn that the filing could face closer scrutiny, even though no official regulatory concerns have been noted in the SEC filing.
Opportunity or Risk for Crypto Fans?
If approved, the ETF will be among the first to combine Bitcoin and Ethereum exposure, making it appealing to investors seeking regulated crypto products.
TMTG’s branding may draw interest from Truth Social users, though data on their investment behavior is lacking. The fund could further crypto adoption, following 2025’s approvals of single-asset Bitcoin and Ethereum ETFs, which have boosted institutional engagement.
The success of the ETF depends on SEC approval and market conditions. Bitcoin’s 41.69% gain over 90 days and Ethereum’s price fluctuations show volatility risks.
