- President Trump’s media company, Trump Media & Technology Group, is now taking steps to launch a spot Bitcoin ETF in the U.S.
- Trump Media has teamed up with Crypto.co and Yorkville America Digital to bring crypto-centric funds to market.
Trump Media & Technology Group (TMTG), the company behind Truth Social, is stepping into crypto investments. On June 3, NYSE Arca filed a 19b-4 application with the U.S. Securities and Exchange Commission (SEC) to list the “Truth Social Bitcoin ETF,” a spot Bitcoin fund that would give everyday investors exposure to Bitcoin, without the hassle of buying and storing it themselves.
This filing kicks off a formal SEC review process, which includes a public comment period and potential tweaks before a final decision is made. Typically, that process can take up to 240 days. The SEC has been warming up to crypto recently; it approved 11 spot Bitcoin ETFs last year alone, signaling a shift in regulatory sentiment.
While Donald Trump’s name isn’t mentioned in the documents, the ETF will be sponsored by Yorkville America Digital, an investment firm partnering with Truth Social to launch the fund. Foris DAX Trust Company will serve as the custodian for the Bitcoin backing the ETF. This move is part of a much larger strategy by TMTG to embed crypto into its broader financial offerings.
Back in April, TMTG teamed up with Crypto.com to build the infrastructure and custodial framework necessary for launching crypto ETFs. TMTG also filed trademarks for a lineup of investment products under the brand “Truth.Fi,” including another fund named the “Truth.Fi Bitcoin Plus ETF”, showing they’re thinking well beyond just one product.
But the ambitions don’t stop there. TMTG recently revealed plans to raise around $3 billion to create a Bitcoin treasury reserve. The plan includes raising $2 billion by selling shares, essentially giving investors a piece of the company, and another $1 billion through a convertible bond offering. This kind of strategy mirrors what big tech companies have done in recent years by moving some of their treasury reserves into Bitcoin as a long-term hedge.
Adding to the family’s growing crypto footprint, the Trump family is also backing a crypto lending platform called World Liberty Financial, which launched in the lead-up to the 2024 presidential election. Meanwhile, things are shifting at the SEC. Under the new chairman, Paul Atkins, the agency has shown a more open-minded approach to digital assets. Several enforcement investigations have been dropped, and policy tone has eased, paving the way for projects like TMTG’s ETF.
Bitcoin Holdings Continue to Rise
Corporate adoption of Bitcoin continues to climb, too. Right now, 61 corporate treasuries hold about 3.2% of all Bitcoin that will ever exist, with publicly traded companies owning a combined 673,897 BTC. Giants like GameStop and Japan’s Metaplanet have been quietly stacking BTC, and MicroStrategy, a long-time crypto bull, recently added another 7,390 BTC, pushing its total to 576,230 BTC.
All of this comes during a bullish wave in the Bitcoin market. The price of BTC is now hovering around $104,671, up nearly 50% over the past year, though it dipped 3.4% in the past week. Trading activity is booming, Bitcoin derivatives are up 0.83% to $71.39 billion, and Bitcoin options trading volume has jumped 22.33% to $3.41 billion.
Analysts believe that the arrival of more crypto-focused investment products, especially those tied to big names, could help legitimize the space and bring more stability to the market.
Recommended for you:
Credit: Source link
