Truth Social Files for Bitcoin ETF on NYSE Arca

NYSE Arca, the electronic trading arm of the New York Stock Exchange, has submitted a filing to the Securities and Exchange Commission (SEC) to list the Truth Social Bitcoin ETF. This move signifies Truth Social, the social media platform linked to Donald Trump, entering the cryptocurrency market through a regulated investment vehicle. The ETF, named the Truth Social Bitcoin ETF, is designed to mirror the price of bitcoin, offering investors an easier method to gain exposure to the cryptocurrency without directly holding it.

The filing, submitted as a 19b-4 form, is a crucial step before regulators can decide whether to allow the fund to launch and trade on a U.S. exchange. This development follows a partnership announced in March between Truth Social and Crypto.com, aimed at introducing a range of digital asset products to the market later this year, pending regulatory approval. These planned offerings include baskets of cryptocurrencies, such as bitcoin and Crypto.com's native Cronos token, combined with traditional securities. The products will be branded under Truth Social and made available to global investors through major brokerage platforms and the Crypto.com app.

Truth Social's parent company, Trump Media & Technology Group, of which Trump is the majority owner, has been making a series of crypto-aligned moves in recent months. These include trademarking digital asset products and unveiling a $2.5 billion bitcoin treasury plan. If approved, the Truth Social Bitcoin ETF would represent one of the most politically connected entries into the rapidly growing market for bitcoin funds. This move underscores Trump's expanding push into the crypto world, leveraging his brand and influence to attract investors to the digital asset space.

The filing of the Truth Social Bitcoin ETF comes at a time when the market for spot bitcoin ETFs has seen significant growth. Since the launch of spot bitcoin ETFs in January 2024, the market has expanded to over $130 billion in total assets. BlackRock's iShares Bitcoin Trust (IBIT) has emerged as a dominant player, with nearly $69 billion in assets, making it the largest digital asset manager globally. The approval of the Truth Social Bitcoin ETF would further diversify the options available to investors seeking exposure to bitcoin through regulated investment vehicles.

The SEC now has 45 days to respond to the filing, though this timeline can be extended as regulators conduct their review. The outcome of this review will be closely watched, as it could set a precedent for future crypto-related ETFs and signal the regulatory landscape for digital assets. The filing of the Truth Social Bitcoin ETF highlights the growing intersection of politics and finance in the cryptocurrency space, as high-profile figures and brands seek to capitalize on the burgeoning interest in digital assets.