US President Donald Trump’s social media platform, Truth Social, has officially filed an S-1 form with the US Securities and Exchange Commission to launch a dual exchange-traded fund (ETF) for Bitcoin and Ether.
Filed on June 16, the S-1 form proposes the issuance and trading of Truth Social Bitcoin and Ethereum ETF, sponsored by the asset management firm Yorkville America Digital.
The trust seeks to provide investors with exposure to both Bitcoin (BTC) and Ether (ETH) by offering shares backed by the crypto assets to remove the complexities stemming from direct investment.
The shares are backed by BTC and ETH held by the custodian on behalf of the trust, Foris DAX Trust Company, doing business as Crypto.com, the prospectus reads.
Ticker and cash custodian to be disclosed
The ETF shares are proposed to be listed on the New York Stock Exchange Arca (NYSE Arca), according to the filing.
While Truth Social has officially determined that Crypto.com will be its dedicated crypto custody provider, the company is yet to finalize the details of the upcoming ETF, such as the fund’s ticker and its cash custodian.
Truth Social also mentioned that it plans to file an amendment with a summary of the terms of the prime execution agency agreement with Crypto.com later.
SEC approves Trump Media’s Bitcoin treasury registration
The filing for the Truth Social Bitcoin and Ethereum ETF follows the approval of Trump Media and Technology Group’s $2.3 billion Bitcoin treasury deal by the SEC on June 13.
In the statement, the company said that it currently has “no immediate plans” to issue any securities under the deal.
TMTG previously confirmed a $2.5 billion capital raise to purchase Bitcoin in late May after initially denying reports about the raise.
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This is a developing story, and further information will be added as it becomes available.