Trump Media & Technology Group (TMTG), the company behind the Truth Social platform, has filed to launch a new exchange-traded fund (ETF) that would track Bitcoin and Ethereum.
The filing, submitted to the US Securities and Exchange Commission (SEC) on June 16, marks a bold move in the firm’s shift toward digital finance.
According to the filing:
“The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the prices of bitcoin and ether and, to the extent the Trust engages in Staking (as defined herein), rewards earned from its staked ether.”
The proposed ETF will allocate 75% of its portfolio to Bitcoin and 25% to Ethereum.
TMTG has partnered with crypto exchange Crypto.com to handle custody, trading execution, staking, and liquidity support.
Yorkville America Digital is expected to sponsor the ETF. If the SEC approves the corresponding Form 19b-4, the fund will be listed on NYSE Arca.
Despite the announcement, TMTG shares showed little movement. According to Google Finance data, the stock was down about 2% to under $20, its lowest price since April.
Trump Media’s strategic shift towards crypto
This move represents a significant step in TMTG’s efforts to pivot from a social media-centric platform to a broader fintech player.
The firm has recently pursued this transition by partnering with Crypto.com and Yorkville America to develop a lineup of TMTG-branded ETFs blending digital and traditional assets.
One of the flagship offerings will be this Truth Social Bitcoin and Ethereum ETF, a product that builds on an earlier filing by NYSE Arca to list the Truth Social Bitcoin ETF.
In addition to its ETF ambitions, TMTG recently secured regulatory clearance for a $2.3 billion Bitcoin Treasury deal, signaling plans to bolster its crypto reserves.
These developments signal TMTG’s growing commitment to digital assets. By partnering with key industry players and entering the ETF market, the company aims to capitalize on rising crypto adoption and offer regulated exposure to major digital assets.
Mentioned in this article
