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

Donald Trump's Truth Social has officially filed its registration statement with the US SEC to offer a Bitcoin ETF.
By Boluwatife Adeyemi
Just In: Donald Trump Truth Social Files for Dual Bitcoin and Ethereum ETF

Highlights

  • Truth Social has filed the registration statement for its Bitcoin ETF, which outlines the funds offering.
  • Yorkville America Digital is the fund's sponsor while Foris DAX Trust Company is the custodian.
  • NYSE Arca has already filed a 19b-4 form to list and trade shares of the fund.

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.

Advertisement
Advertisement

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.

An S-1 filing usually takes 240 days to launch. However, in an X post, Balchunas noted that it could be sooner based on the SEC guidance coming soon. The Bloomberg analyst also highlighted some important details in the risk section of Truth Social’s S-1 filing.

He noted that under this section, there is one for “regulatory uncertainty/headwinds,” which includes how Trump launched the crypto task force and Bitcoin Strategic Reserve. Balchunas added that this is probably the first time ever the advisor is in the risk section, making it all “so surreal.”

Advertisement
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.