- Trump Media filed to list the “Truth Social Bitcoin ETF” on the NYSE, partnering with Yorkville Advisors, though it still awaits SEC approval.
- Analysts see the ETF as symbolically significant but commercially uncompetitive, given the dominance of BlackRock and others in the low-fee BTC ETF market.
- TMTG also plans to raise over US$2.5B to buy Bitcoin, a move critics call self-dealing, though the White House claims Trump is no longer directly involved.
On Tuesday, Trump Media & Technology Group (TMTG) filed to list a Bitcoin exchange-traded fund on the New York Stock Exchange (NYSE).
The Truth Social Bitcoin ETF, as it is dubbed, is currently awaiting approval from the Securities and Exchange Commission (SEC). In the filing, it listed Yorkville Advisors as the development partner, which Trump Media refers to as an “America First” investment shop based in New Jersey.
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Late to the Party
Commenting on the proposal, Bloomberg ETF analyst Eric Balchunas said it represents “new ground” and a strong signal of support for Bitcoin from Trump’s orbit.
However, he outlined that it may struggle to capture any meaningful liquidity or flow because it’s a “crowded” category, in which heavyweights like BlackRock and VanEck already dominate with highly liquid and cheap offerings.
On one hand, unchartered territory bc its POTUS-linked company, but on other it’s a late to the party filing in crowded category where multiple ETFs already are super cheap/liquid. Will be really tough to compete regardless of the name associated with it IMO
Eric Balchunas, BloombergBlackRock alone now manages over US$70B (AU$107B) in Bitcoin through its ETF. Balchunas even projected that BlackRock will surpass Satoshi Nakamoto as the world’s largest BTC holder.
Related: Trump Family Unveils $TRUMP Wallet Waitlist with $1M in Rewards as Crypto Empire Grows
TMTG is also seeking to build a corporate BTC treasury. As Crypto News Australia reported, the company intends to raise over US$2.5B (AU$3.8B) to buy Bitcoin, despite denying and ridiculing a report from The Financial Times exposing that the deal was in progress.
Naturally, Democrat lawmakers have condemned the president’s crypto ventures, accusing him of self-dealing. But the White House maintains that Trump is no longer directly involved in TMTG and that the trust structure complies with “ethics guidelines”.
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