TMTG Seeks SEC Approval for Truth Social Bitcoin ETF

NYSE Arca has submitted a Form 19b-4 filing to the US Securities and Exchange Commission (SEC) seeking approval to list the Truth Social Bitcoin ETF, a spot Bitcoin exchange-traded fund (ETF) associated with Trump Media & Technology Group (TMTG).

The proposed ETF aims to provide investors with direct exposure to Bitcoin’s (BTC) price movements without the complexities of owning the cryptocurrency outright. The fund is designed to simplify investment in Bitcoin by eliminating operational hurdles associated with direct ownership.

TMTG applied to trademark several investment products under its Truth.Fi brand earlier this year, including the Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi US Energy Independence ETF. These initiatives reflect TMTG’s broader strategy to expand its financial services offerings and capitalize on the growing interest in cryptocurrency investments.

The filing follows TMTG’s May announcement regarding plans to raise approximately $3 billion to establish a Bitcoin treasury reserve, positioning the company as a significant player in the cryptocurrency space. The move aligns TMTG with other corporations that have integrated Bitcoin into their financial strategies following Strategy’s success in pioneering adoption.

Since the SEC approved the first spot Bitcoin ETFs in January 2024, these investment vehicles have attracted substantial inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) alone amassing over $71 billion in assets under management. The growing popularity of spot Bitcoin ETFs indicates the increasing demand for regulated cryptocurrency investment options.

The SEC’s review process for the Truth Social Bitcoin ETF will include a public comment period and multiple evaluation stages, with a final decision expected in the coming months. As of press time Bitcoin was trading at approximately $105,445, reflecting a year-to-date increase of roughly 12%.