Trump Media & Technology Group (TMTG), the media company owned by former U.S. President Donald Trump, is reportedly preparing to launch a spot Bitcoin Exchange-Traded Fund (ETF). The new fund will carry the name of Trump’s social media platform, Truth Social, and will target retail investors.

According to a 19b-4 filing submitted by NYSE Group to the U.S. Securities and Exchange Commission (SEC) on Tuesday (June 3, 2025), the ETF will be named Truth Social Bitcoin ETF. The fund's main sponsor is Yorkville America Digital, a division of Yorkville Advisors, a New Jersey-based investment firm and official partner of TMTG. The ETF is intended to be listed on the NYSE Arca exchange.

In a previous statement, TMTG described Yorkville as an ‘America-First’ asset management firm trusted to oversee the regulatory process until the fund receives approval from the SEC.

For context, a 19b-4 filing is used by ETF issuers to propose rule changes that enable the trading of new products. To make the filing fully effective, the ETF sponsor must also submit an S-1 registration statement detailing the fund’s operations, structure, and risk disclosures.

The proposed ETF is designed to track Bitcoin’s spot market price, based on actual purchases and sales of physical Bitcoin. To safeguard the digital assets, TMTG has selected Foris DAX Trust Company LLC, an affiliate of Crypto.com, as the custodian. However, the application does not explicitly mention Donald Trump, nor does it include information on the ETF’s ticker symbol or management fees.

Trump’s Expansion into the Crypto Space

The Truth Social Bitcoin ETF is part of a broader crypto expansion strategy by Trump Media that began in early 2025. In February, TMTG also filed trademark applications for various politically-themed investment products, including those related to Bitcoin—moves seen as aligning with Donald Trump’s policy agenda.

The company has also established partnerships with Yorkville and Crypto.com to prepare for the rollout of a series of “Made in America”-themed ETFs.

Currently, Donald Trump remains the majority shareholder of TMTG, although approximately US$4 billion of his holdings have been transferred to a trust managed by his son, Donald Trump Jr. This decision was made to mitigate concerns about potential conflicts of interest as Trump re-engages in political activities.

If approved, the Truth Social Bitcoin ETF will join the more than 60 Bitcoin ETFs already active in the U.S. market. One of the most prominent is BlackRock’s iShares Bitcoin Trust ETF (IBIT), which currently manages nearly US$69 billion in assets.

According to Bloomberg ETF analyst Eric Balchunas, while the filing itself is fairly standard, Trump’s involvement gives the proposal unique significance in the global crypto landscape.

“On one hand, it reflects strong support for Bitcoin from a Trump-affiliated company. But on the other, this ETF enters a highly saturated market and will face serious challenges in attracting both capital and liquidity,” he said.