Key Takeaways
- Truth Social has filed to launch a dual ETF for Bitcoin and Ether.
- The ETF aims to simplify investments by using shares backed by crypto assets.
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Truth Social, part of the President Donald Trump-owned group, Trump Media & Technology Group (TMTG), has officially submitted a Form S-1 to the SEC for its proposed Truth Social Bitcoin and Ethereum ETF, a hybrid investment product offering exposure to the two leading digital assets.
The filing, dated June 16, comes after Trump’s social media company established a Nevada trust entity under the same name earlier this month. The move indicates the company’s intention to propose an ETF that provides investment opportunities in Bitcoin and Ethereum.
Unlike Truth Social Bitcoin ETF, another fund recently proposed by Truth Social and focused solely on Bitcoin, the new ETF would hold both Bitcoin and Ethereum, starting with a 3-to-1 allocation favoring Bitcoin, per the initial filing.
This ratio is subject to rebalancing at the sponsor’s discretion. The fund is sponsored by Yorkville America Digital, LLC, with crypto custody handled by Foris DAX Trust Company, LLC, an entity affiliated with Crypto.com.
Yorkville America Digital is also the sponsor of the Truth Social Bitcoin ETF and Canary Capital’s proposed staked CRO ETF. The asset management firm has recently teamed up with TMTG and Crypto.com to introduce a series of ‘Made in America’ ETFs.
The ETF shares are proposed to be listed on the New York Stock Exchange Arca. The company has yet to finalize key details, including the fund’s ticker and cash custodian.
At launch, the ETF will operate on a cash-only creation and redemption model. However, the trust has signaled its intention to pivot to in-kind creations and redemptions.
The SEC has approved a number of dual Bitcoin-Ethereum ETFs following its landmark authorization of spot Bitcoin and Ethereum ETFs in the US last year. Those are products from Hashdex, Franklin Templeton, and Bitwise.
Wall Street’s top securities watchdog is expected to approve more crypto ETFs under the Trump administration, including those tied to XRP, Solana, BNB, and TRON, among others.
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