Trump Media Files for Bitcoin Ethereum ETF with Yorkville America Digital

Trump Media & Technology Group (TMTG), the parent company of Truth Social, has partnered with Yorkville America Digital to file for a spot Bitcoin and Ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The filing, registered on June 16, 2025, outlines a fund structured as a Nevada business trust that will hold physical Bitcoin (BTC) and Ethereum (ETH) in an approximate 3:1 value ratio, with adjustments made quarterly. Yorkville America Digital serves as the sponsor, while Foris DAX Trust Company, an affiliate of Crypto.com, acts as the custodian.

Shares of the "Truth Social Bitcoin and Ethereum ETF, B.T." will trade on NYSE Arca under an undisclosed ticker symbol. Authorized participants can create or redeem baskets of 10,000 shares using cash initially, with the possibility of in-kind transactions pending SEC approval. The fund aims to track performance before fees and will charge an annual sponsor fee based on the net asset value (NAV).

TMTG has licensed its branding to Yorkville under a "digital asset mutual cooperation agreement" for marketing purposes. The ETF qualifies as an "emerging growth company," which reduces certain disclosure requirements. An undisclosed seed capital investor purchased initial shares ahead of the public offering.

Pricing for the ETF will use CME’s Bitcoin and Ether reference rates, with Foris DAX handling quarterly rebalancing. The filing acknowledges significant risks, including crypto volatility, regulatory uncertainty, potential forks, and operational vulnerabilities such as hacking. Staking is prohibited unless future legal compliance is assured.

The SEC has recently dismissed enforcement actions against major crypto exchanges, but the approval timing for this ETF remains unclear. The fund’s launch depends on standard regulatory processes and market conditions. This filing is part of a broader strategy by Trump Media to expand its digital asset offerings, which also includes plans to borrow money to buy Bitcoin and invest in the ETFs it aims to issue.

The proposed ETF is sponsored by Yorkville America Digital and will use Crypto.com as the exclusive custodian for both Bitcoin and Ethereum. The launch of the ETF is pending the effectiveness of the Registration Statement and approval of a Form 19b-4 filing with the SEC. Trump Media's deepening involvement in the crypto space has drawn attention from ethics experts, who have raised concerns about the potential for financial gain in areas where Trump also sets policy. The White House has stated that the president is separated from his namesake businesses, and he has transferred roughly $4 billion worth of Trump Media shares to a trust controlled by his son, Donald Trump Jr.

The filing for the dual Bitcoin and Ethereum ETF comes amid a flurry of activity across Trump's business interests. Recently, his sons Eric Trump and Donald Trump Jr. unveiled a Trump-branded mobile phone service, marketed as "made in America." This move underscores the company's efforts to leverage Trump's personal brand across various sectors, including digital assets and telecommunications. The proposed ETF aims to serve as a simple and cost-effective alternative to using peer-to-peer networks or digital platforms for investing in Bitcoin and Ethereum. By offering a diversified exposure to both digital assets, the ETF seeks to attract investors looking for a convenient way to participate in the crypto market without the complexities of direct ownership.