Trump’s Truth Social Files for Spot Bitcoin ETF Amid $2.5B Crypto Push

The filing was made through NYSE Arca, the exchange proposing to list the product, with Yorkville America Digital acting as the ETF sponsor and Foris DAX Trust Company—an affiliate of crypto exchange Crypto.com—designated as the fund's Bitcoin custodian. According to the SEC Form 19b-4, the Truth Social Bitcoin ETF would track the price of Bitcoin using spot market data from leading crypto trading platforms, mirroring recent ETF approvals by the SEC in January.

This move aligns with a broader strategy by TMTG to aggressively expand into digital finance. In February, TMTG submitted a series of trademark applications for financial products under the “Truth.Fi” label. These include proposed ETFs like the “Truth.Fi Bitcoin Plus ETF,” “Truth.Fi Made in America ETF,” and the “Truth.Fi U.S. Energy Independence ETF,” reflecting a thematic approach to investment vehicles centered around cryptocurrency, national industry, and patriotic branding.

Perhaps more notably, Trump’s firm has publicly disclosed plans to raise approximately $2.5 billion to build a corporate Bitcoin treasury—a direct challenge to companies like MicroStrategy and Tesla that hold substantial Bitcoin reserves. Through a combination of newly issued common shares and convertible debt, TMTG has already raised more than $2.3 billion, swelling its liquid reserves to over $3 billion as of June.

TMTG CEO Devin Nunes, a former Republican congressman, emphasized that the ETF filing marks a strategic step in the company’s broader commitment to digital assets. He framed Bitcoin as central to financial freedom and highlighted TMTG’s goal of offering American investors regulated tools to access cryptocurrency without relying on unregulated platforms.

The Trump administration has been increasingly vocal in its support of Bitcoin and crypto innovation. In recent months, the president has signed executive orders to ease regulatory barriers for crypto firms, formally recognized Bitcoin as part of the U.S. strategic reserve framework and appointed a “Crypto Czar” to coordinate policy development across federal agencies.

Still, the filing raises ethical and legal questions, particularly regarding the intersection of Trump’s political authority and his commercial interests in the crypto space. Critics point to the potential for regulatory favoritism, as well as the perception of insider advantages in shaping crypto-related legislation.

While Truth Social’s ETF would compete with existing spot Bitcoin ETFs offered by BlackRock (iShares), Fidelity, and ARK Invest, TMTG is reportedly betting on a strong retail investor base driven by Trump’s political influence. Trump has previously called Bitcoin “freedom money,” and the company’s marketing strategy includes tying crypto access to themes of “American sovereignty”.

The filing comes amid a renewed wave of institutional interest in Bitcoin following January’s landmark SEC approval of 11 spot Bitcoin ETFs. These funds collectively amassed over $50 billion in assets under management by May, with BlackRock’s iShares Bitcoin Trust leading the pack. Analysts suggest that a Truth Social-branded ETF could further mainstream Bitcoin among right-leaning investor circles and reshape public narratives around digital assets.

However, SEC approval is not guaranteed. The regulatory process for ETFs can take up to 240 days, and the agency has previously delayed or denied similar applications. The commission will now review NYSE Arca’s 19b-4 filing and seek public comment before issuing a final decision.

TMTG’s push into crypto also reflects shifting media economics. Despite Truth Social going public via a SPAC merger in early 2024, the platform has struggled to diversify revenue beyond its politically loyal user base. By launching investment products tied to Bitcoin, TMTG aims to both monetize its brand and enter the rapidly growing U.S. crypto investment market, which surpassed $100 billion in assets in 2025.

As the SEC deliberates, all eyes will be on whether Trump’s political clout and Truth Social’s populist brand can carve out a place in the increasingly competitive Bitcoin ETF market.