Breaking: Trump's Truth Social Files S-1 For Bitcoin ETF

Donald Trump’s Truth Social is forging ahead with its plans to offer a Bitcoin ETF, filing its S-1 form with the US Securities and Exchange Commission (SEC) to offer this fund. This follows the NYSE’s 19b-4 filing on behalf of the company to list and trade shares of this fund.

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Truth Social Files S-1 For Bitcoin ETF With US SEC

A SEC filing shows that the media platform has filed the prospectus for its Bitcoin ETF with the Commission. As noted in the S-1 form filing, the ‘Truth Social Bitcoin ETF’ will consist primarily of bitcoin held by Foris DAX, which is the custodian on behalf of the company. Meanwhile, Yorkville America is the fund’s sponsor. The filing didn’t include key details, such as the fund’s ticker, seed capital, or share price.

As CoinGape reported, the NYSE Arca had filed a 19b-4 form on June 4 to list and trade shares of this fund, which officially kick-started the approval process. The fund will track the Bitcoin price and provide institutional investors with exposure to the flagship crypto, just like the other existing spot BTC ETFs.

Commenting on this filing, Bloomberg analyst Eric Balchunas said that on one hand, this is uncharted territory because it is a company linked to the US president. However, on the other hand, he remarked that Truth Social is late to the party, filing in a crowded category where multiple ETFs are already super cheap and liquid. Balchunas added that it will be really tough to compete regardless of the name associated with the fund.

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