Truth Social, United States President Donald Trump’s media company, has moved to launch a Bitcoin exchange-traded fund (ETF).
NYSE Arca, which manages most ETF trading on the New York Stock Exchange, has filed for approval from the Securities and Exchange Commission for a Truth Social Bitcoin ETF.
According to the filing, the Truth Social Bitcoin ETF “seeks to reflect generally the performance of the price of Bitcoin.”
The ETF’s shares “are intended to constitute a simpler means of making an investment similar to an investment in Bitcoin rather than by acquiring, holding and trading Bitcoin directly on a peer-to-peer or other basis or via a digital asset trading platform.”
Spot Bitcoin ETFs first launched in January 2024, and now include over 60 funds with at least US$130 billion in total assets.
Trump Media & Technology Group, Truth Social’s parent, said in March that it would begin launching ETFs through its newly available Truth.Fi brand in partnership with Crypto.com. These funds would be available internationally, and trade digital assets and securities.
The company also said in April that it would invest up to US$250 million in ETFs and accounts tracking cryptocurrency and energy securities.
At the time, Trump Media CEO Devin Nunes said the investment was “a major step forward in diversifying TMTG into financial services and digital assets.”
Trump is the majority owner of Trump Media, with his shares controlled by his son Donald Trump Jr. The Trump family has launched a number of cryptocurrency ventures in recent months, including a Trump-branded memecoin and the crypto company World Liberty Financial, which watchdog groups have said raises major ethical issues.
Trump Media’s (NASDAQ: DJT) share price closed at US$21.84, up from its previous close of $21.39. Its market capitalisation is $6.04 billion.
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