Trump Media and Technology Group (TMTG) has taken a significant step towards entering the fast-growing spot Bitcoin ETF market by filing its first amended registration statement with the Securities and Exchange Commission (SEC) for the Truth Social Bitcoin ETF.
The ETF, which will be listed on NYSE Arca under the ticker B.T., is designed to hold Bitcoin (BTC) directly and track the cryptocurrency’s market price. Crypto.com will serve as the exclusive custodian, prime execution agent, and liquidity provider for the ETF, while Yorkville America Digital will act as the sponsor.
The structure of the ETF will allocate 70% of its assets to Bitcoin, with 15% in U.S. Treasury securities and 15% in cash or cash equivalents. This allocation aims to provide a balance between exposure to the cryptocurrency and traditional financial instruments.
Before the ETF can go live, it must receive approval from the SEC for both the updated Form S-1 registration and a separate Form 19b-4 listing application. While TMTG has not provided a specific launch date, they anticipate that the fund will be operational before the end of the year.
The Truth Social Bitcoin ETF is part of a larger Bitcoin-focused strategy for TMTG, which includes building a corporate Bitcoin treasury and expanding into digital asset products through its financial services division. The company has already made significant investments in Bitcoin acquisitions this year, positioning itself as a prominent player in the sector.
If approved, the Truth Social Bitcoin ETF will enter a competitive market dominated by issuers like BlackRock. These spot Bitcoin ETFs have attracted a mix of institutional and retail investors looking for regulated exposure to Bitcoin without the need for self-custody.
It’s worth noting that TMTG’s crypto ambitions have a political dimension, given that President Donald Trump is the company’s majority shareholder. Trump has made digital assets a policy priority, pledging to reduce what he sees as restrictive regulations and promote U.S. leadership in the crypto economy.
A spot Bitcoin ETF associated with a political figure like Trump would be unprecedented in the market, potentially attracting a unique investor base while also drawing increased public and regulatory scrutiny.
The timing of TMTG’s filing reflects a growing acceptance of spot Bitcoin ETFs and the importance of differentiation in a competitive market. While the SEC has approved multiple products this year, new entrants face the challenge of building liquidity and earning investor trust in a market already served by established issuers.