Trump-Associated Firm Files Bitcoin ETF for Truth Social with SEC

Key Takeaways: 

• The Trump-linked Bitcoin ETF faces a 45-240 day SEC approval process.
• If approved, it will rival BlackRock’s $69B iShares Bitcoin Trust.
• Growing efforts to adopt Bitcoin, including state-level initiatives, signal rising momentum.

On June 3, the New York Stock Exchange (NYSE) Arca submitted a formal request to the U.S. Securities and Exchange Commission (SEC). The request seeks approval to list a new spot Bitcoin exchange-traded fund (ETF) tied to Truth Social.

Called the Truth Social Bitcoin ETF, this fund is supported by Trump Media & Technology Group (TMTG). President Donald Trump founded TMTG, which also owns Truth Social.

SEC Verdict May Be Unveiled Within 240 Days

The proposed Truth Social Bitcoin ETF would track Bitcoin’s market price and trade on NYSE Arca, according to the filing. While the application omitted key details, such as a ticker symbol or fees, it named Foris DAX Trust Company (Crypto.com’s custodian) as the intended asset holder of the fund.

The SEC must now initiate a multi-stage review, which will include public comments and regulatory evaluations. By law, it has 45 days to issue an initial response, but it can delay a final decision until January 29, 2026.

If approved, the Trump-affiliated ETF would join a competitive market. Eleven spot Bitcoin ETFs already operate in the U.S., led by BlackRock’s IBIT ($69B in assets).

The connection to President Trump stems from his position as the majority owner of TMTG. However, before returning to the White House, he transferred his shares into a trust controlled by his son, Donald Trump Jr. 

Trump Media registers trademarks for TruthFi investment vehicles

Some things are coming right before your eyes, and you’re still feeling bearish, too weird … pic.twitter.com/pf5gBROePG

— LANGERIUS (@langeriuseth) February 7, 2025

TMTG has also filed trademarks for other ETFs, including Truth.Fi Bitcoin Plus, Made in America ETF, and US Energy Independence ETF.

Critics see a pattern. Trump’s ventures now span NFTs, memecoins, a stablecoin, crypto mining, and a tokenized asset platform. Opponents argue that he’s leveraging his political influence for financial gain, thereby blurring the ethical lines.

MAGA’s Bitcoin Adoption Drive Gains Momentum Across the U.S.

Donald Trump's political comeback is fueling America's push to dominate the cryptocurrency market. His “Make America Great Again” agenda now includes making the U.S. the world's crypto capital—and it's already gaining traction.

At the Bitcoin 2025 conference, White House crypto czar David Sacks unveiled a bold plan for the federal government to purchase more Bitcoin using unspent agency funds. Departments like Commerce and Treasury would first need to locate available funds before converting them to BTC.

I joined @JesseBWatters from the Bitcoin 2025 Conference. President Trump promised to make the U.S. the crypto capital of the planet, and thanks to his leadership, innovation is thriving here again.pic.twitter.com/3xNFXt6BkS

— David Sacks (@davidsacks47) May 28, 2025

Currently, the U.S. government holds 198,012 BTC, valued at more than $21 billion, according to Bitcoin Treasuries. That makes the U.S. the single largest government holder of Bitcoin in the world.

Major financial players are also getting involved. JPMorgan, once wary of digital assets, recently disclosed plans to let its clients buy Bitcoin directly. Until now, the bank had only offered exposure through futures-based products.

Meanwhile, Michael Saylor, executive chairman of Strategy and the biggest corporate holder of Bitcoin, called on Microsoft to adopt Bitcoin as its core treasury asset. 

At the state level, innovation is just as active. Arizona Governor Katie Hobbs signed House Bill 2749, granting the state the authority to seize unclaimed cryptocurrency and establish a Bitcoin Reserve Fund. 

Arizona is now the second state to do so, following New Hampshire.

The direction is clear, from executive orders to state-led initiatives. The Trump administration is laying the groundwork for long-term national crypto adoption.