Trump Media & Technology Group Corp., the parent company of President Donald Trump’s Truth Social platform, has taken a major step toward launching a Bitcoin exchange-traded fund (ETF), expanding the president’s involvement in the crypto space and raising new ethical concerns.

On Tuesday, NYSE arca — the all-electronic arm of the New York Stock Exchange — filed a 19b-4 form with the SEC to list the Truth Social Bitcoin ETF, a fund designed to track the price of Bitcoin and provide investors with exposure to the cryptocurrency without directly holding it. The ETF would be sponsored by Yorkville America Digital, a firm described by trump media as an “America-First asset management firm.” Foris DAX Trust Company LLC, an affiliate of Crypto.com, is named as the custodian of the fund’s digital assets.

Trump Media has also unveiled a $2.5 billion Bitcoin treasury plan and announced plans to invest in its own ETF offerings.

This ETF filing follows a string of crypto-aligned moves by Trump Media. In February, the company applied for trademarks tied to digital asset products aligned with the president’s policy priorities, including Bitcoin. A partnership with Crypto.com, announced in March, aims to bring a suite of digital asset products to market later this year, featuring baskets of cryptocurrencies — including Bitcoin and Cronos, Crypto.com's native token — combined with traditional securities. These products are set to be branded under Trump Media and made available through major brokerage platforms and the Crypto.com app, which serves over 140 million users globally.

The Truth Social Bitcoin ETF, if approved, would join a crowded market of over 60 U.S.-based Bitcoin ETFs. The sector has grown rapidly since the SEC approved spot Bitcoin ETFs in January 2024, with total assets now surpassing $130 billion. President Trump has also strongly supported crypto, appointing crypto advocate David Sacks as the new SEC chair, proposing the establishment of a strategic Bitcoin reserve, and even launching his own meme coin. These moves have helped push Bitcoin above $105,000.

The White House has responded by stating that the president is walled off from his business interests. Notably, Trump has transferred roughly $4 billion in Trump Media shares to a trust controlled by his son, Donald Trump Jr.

If approved, the Truth Social Bitcoin ETF would be one of the most politically connected entries in the booming crypto investment space — blending digital finance with the complex dynamics of presidential power and personal gain.

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