NYSE Arca Files for Approval of Truth Social Bitcoin ETF
NYSE Arca has submitted a Form 19b-4 filing to the US Securities and Exchange Commission (SEC) seeking approval to list the Truth Social Bitcoin ETF, a spot Bitcoin exchange-traded fund (ETF) associated with Trump Media & Technology Group (TMTG).
This move represents TMTG’s latest venture into the cryptocurrency sector, aligning with President Donald Trump’s supportive stance on crypto.
The Truth Social Bitcoin ETF aims to offer investors direct exposure to Bitcoin’s price movements without the complexities of owning the cryptocurrency itself. The fund is designed to streamline Bitcoin investment by removing the operational challenges associated with direct ownership.
Earlier this year, TMTG applied to trademark several investment products under its Truth.Fi brand, including the Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi US Energy Independence ETF.
These efforts demonstrate TMTG’s broader strategy to enhance its financial services offerings and capitalize on the growing interest in cryptocurrency investments.
The filing comes on the heels of TMTG’s announcement in May about plans to raise around $3 billion to establish a Bitcoin treasury reserve, positioning the company as a major player in the cryptocurrency space.
This move aligns TMTG with other companies that have incorporated Bitcoin into their financial strategies following its successful adoption.
Since the SEC approved the first spot Bitcoin ETFs in January 2024, these investment vehicles have seen significant inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) alone accumulating over $71 billion in assets under management.
The increasing popularity of spot Bitcoin ETFs indicates a growing demand for regulated cryptocurrency investment options.
The SEC’s review process for the Truth Social Bitcoin ETF will involve a public comment period and multiple evaluation stages, with a final decision anticipated in the coming months.
At the time of writing, Bitcoin was trading at approximately $105,445, marking a year-to-date increase of about 12%.
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