NYSE Arca, a subsidiary of the New York Stock Exchange, has filed a request with the Securities and Exchange Commission (SEC) to introduce an exchange-traded fund (ETF) tied to the price of Bitcoin. The proposed ETF, named Truth Social Bitcoin ETF, is backed by Trump Media & Technology Group (TMTG), the owner of Truth Social, the social media platform founded by former US President Donald Trump.
If approved, the ETF will be managed by crypto asset manager Yorkville America Digital and custodied by Foris DAX Trust Company. The regulatory filing, submitted as a 19b-4 form, is a crucial step towards launching the ETF. The SEC will also need to approve S-1 forms filed by Truth Social, providing detailed information about the fund’s structure, management, and investment strategy.
Bitcoin ETFs have gained popularity since the SEC’s approval of 11 such funds in early 2024, attracting interest from both traditional financial institutions and crypto-focused firms. Following the success of Bitcoin ETFs, the SEC also approved Ether ETFs, prompting companies to seek approval for ETFs based on other cryptocurrencies like XRP, Solana, and Dogecoin.
Earlier this year, Truth Social signaled its interest in cryptocurrencies by trademarking six investment products related to Bitcoin and other sectors. The move to launch a Bitcoin ETF aligns with the platform’s expansion into the fintech space, diversifying its offerings beyond social media services.
In a rapidly evolving financial landscape, the introduction of the Truth Social Bitcoin ETF could provide investors with a new avenue to gain exposure to the cryptocurrency market. As regulatory scrutiny continues to shape the crypto industry, the approval of this ETF would mark another milestone in the mainstream adoption of digital assets.
References:
– CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
– CryptoCurrency – Finance Magnates | Financial and business news
Social Commentary influenced the creation of this article.
