Truth Social, the social media platform operated by Trump Media & Technology Group (TMTG), has entered the spot Bitcoin ETF competition by submitting the latest 19b-4 document to the U.S. Securities and Exchange Commission (SEC) through NYSE Arca.
This document is intended to obtain approval for listing and trading shares of the Truth Social Bitcoin ETF. Yorkville America Digital is the sponsor of the proposed investment product.
Trump Media Truth Social Enters Bitcoin ETF Market
The proposed Truth Social Bitcoin ETF will track the spot price of Bit and provide investors with a regulated means of exposure to the largest cryptocurrency.
"These shares are intended to provide a means to make an investment similar to Bit, making it easier to invest in Bit without directly acquiring, holding, and trading Bit peer-to-peer or otherwise." – 19b-4 document
The ETF will operate under NYSE Arca Rule 8.201-E. Additionally, it can create and redeem shares in baskets of more than 10,000 shares. The proposed fund's net asset value (NAV) will be calculated daily using the CF Benchmark Index.
Foreside DAX Trust Company has been designated as the trustee. The document did not specify the fees or ticker symbol for the Truth Social Bitcoin ETF. However, Yorkville will also need to submit an S-1 registration that may describe all details.
"Notably, the name 'Trump' does not appear anywhere in the ETF or document. But everyone knows who the owner of Truth Social is." – Eric Balchunas, Bloomberg's senior ETF analyst, wrote on X
Additionally, the SEC must decide within 45 days of the 19b-4 document being published in the Federal Register whether to accept, reject, or defer the application. If necessary, the SEC can extend this period to 90 or up to 240 days.
Therefore, the final decision deadline for this process is January 29, 2026. If approved, Truth Social will become the first social media platform to sponsor a Bit ETF.
Meanwhile, since the SEC has already allowed 11 spot Bit ETFs, the chances of approval for the Truth Social Bit ETF seem high.
This document was submitted following TMTG's February application for various custom ETFs and separately managed accounts (SMA). The company has also entered into a service and licensing agreement with Yorkville Advisors.
Additionally, BeInCrypto reported that Crypto.com and Trump Media partnered in March to launch a new altcoin ETF. Trump Media also announced that it would create a Bit vault by purchasing Bit worth $232 million.
