Trump Media & Technology Group Corp (NASDAQ:DJT), the company behind president Donald Trump’s social media platform Truth Social, has filed for approval of a spot Bitcoin ETF with the Securities and Exchange Commission (SEC).
This ETF aims to hold Bitcoin directly and offer shares to investors that reflect Bitcoin's price performance, providing a straightforward way for retail and institutional investors to gain exposure to Bitcoin without owning the cryptocurrency itself.
Per the filing, The ETF would be listed on the New York Stock Exchange.
Crypto.com will serve as the exclusive Bitcoin custodian, prime execution agent, and liquidity provider for the ETF, with Yorkville America Digital acting as the sponsor.
The SEC has up to 240 days to approve or reject the ETF proposal, with regulatory approval being the critical next step before the ETF can officially launch and trade on NYSE Arca.
If approved, the Truth Social Bitcoin ETF would join a competitive market that includes major players like BlackRock, Fidelity, and Grayscale.
Shares of Trump Media traded lower following the announcement, down 2.4% at about $21.