Trump media moves to launch Truth Social Bitcoin ETF amid crypto frenzy

In a bold move to ride the crypto wave, Trump Media & Technology Group (TMTG) has filed to launch a new Bitcoin exchange-traded fund (ETF) — branded as the Truth Social Bitcoin ETF.

The ETF, announced on Thursday, would be operated in partnership with Yorkville America Digital, a Florida-based firm that markets itself as an “America-first asset management” company.

The fund, if approved by the U.S. Securities and Exchange Commission (SEC), will hold spot Bitcoin directly and be listed on NYSE Arca.

This comes as Bitcoin prices soared past $100,000 in recent weeks — a new all-time high — driven by speculation that President Donald Trump’s administration is laying the groundwork for a crypto-friendly regulatory regime.

Despite the announcement, TMTG shares (DJT) fell 8% on Thursday, with losses deepening after Trump launched a fresh public spat with tech billionaire Elon Musk.

A Crowded Market

Trump Media is entering an already crowded ETF field. BlackRock’s $69 billion Bitcoin ETF, launched in January 2024, remains the dominant player.

Similar products from Fidelity and Bitwise also command significant institutional inflows.

ETF analyst Dave Nadig was blunt in his assessment:

“It’s extraordinarily unlikely that products like the Truth Social ETF will gain long-term assets,” he said, citing brand trust and market maturity.

Politics meets Crypto

Trump’s relationship with crypto has evolved. Once a vocal skeptic who labeled Bitcoin “a scam,” he has since embraced digital currencies. His $TRUMP memecoin has drawn loyal supporters — and ethical concerns.

In May, Trump hosted a gala dinner for top token holders, raising red flags about potential conflicts of interest.

In office, Trump quickly moved to roll back Biden-era crypto restrictions. The SEC, now led by Paul Atkins, a pro-crypto advocate, has dropped several enforcement actions against blockchain firms.

TMTG also announced a massive $2.5 billion capital raise — $1.5 billion in equity and $1 billion in convertible bonds — to support what it calls a “Bitcoin treasury.”

At a recent Bitcoin conference in Las Vegas, Donald Trump Jr. and Eric Trump championed digital assets, calling them “faster, safer, and more transparent” than traditional currencies. Trump Jr., who sits on the TMTG board, declared: “We’re very long crypto.”

While distancing themselves from unauthorized Trump-branded crypto apps, the Trump family hinted at launching an official digital wallet under the World Liberty Financial banner.

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