Trump Media Files to Launch Truth Social Bitcoin and Ethereum ETF

Trump Media and Technology Group, via partnered firm Yorkville America Digital, filed with the SEC to launch a joint Bitcoin and Ethereum ETF, according to a Monday filing.  

The filing proposes a holdings ratio of 75% Bitcoin and 25% Ethereum, with Crypto.com acting as the custodian, execution agent, and liquidity provider.

“The launch of the Truth Social Bitcoin and Ethereum ETF is pending effectiveness of the registration statement as well as approval of a Form 19b-4 filing with the SEC. Upon launch, the shares will be listed on NYSE Arca,” a statement from Trump Media reads. 

The filing is not the first connection for Trump Media and Yorkville, which previously sponsored the entity’s filing for a standalone Bitcoin ETF in early June called the Truth Social Bitcoin ETF.

Much like that filing, the fund was registered as a Nevada business trust rather than a Delaware statutory trust, like many ETFs.  

In addition to those two filings, the pair and Crypto.com aim to offer a suite of “America First” products, like the America First Bitcoin Fund (AFBF), America First Blockchain Leaders Fund (AFBLF), and the America First Stablecoin Income Fund. To date though, only the Truth Social Bitcoin ETF and the Truth Social Bitcoin and Ethereum ETF have SEC filings.

The latest filing furthers the Trump Media and Technology Group’s growing entwinement with crypto. In late May, it raised $2.4 billion to start its own Bitcoin treasury, though the company has yet to announce any BTC acquisitions.

Prior to that, President Trump’s firm—which operates social media site Truth Social, a streaming platform called Truth+, and a financial technology brand called Truth.Fi—teased that it may launch its own wallet and token. 

Furthermore, Trump’s family has become connected to a variety of crypto projects as the President’s administration loosens restrictions on the industry. 

Famously, the President launched an official meme coin on the Solana blockchain back in January, just days before his inauguration. Prior to that was the launch of Ethereum DeFi protocol World Liberty Financial, which has since launched its own governance token and stablecoin.

The President’s sons, notably Eric and Donald Jr, have also had a heavy hand in the crypto industry. The pair backed Bitcoin mining firm American Bitcoin and each has connections to Trump Media and World Liberty Financial, among other crypto ventures. 

A new disclosure shows that the President made over $57 million from World Liberty Financial, a note which further crescendos the criticism from bipartisan lawmakers about his crypto dealings.

Shares of Trump Media and Technology Group (DJT), are down nearly 2% on the day to $19.18.

Edited by Andrew Hayward