Unveiling Truth Social's Bitcoin ETF: Navigating the SEC Approval Process

Trump-Backed Truth Social Bitcoin ETF Seeks SEC Approval

In a bold move, the issuer for the Truth Social Bitcoin ETF has submitted an application for the fund to the U.S. Securities and Exchange Commission (SEC) on Thursday. This announcement comes two days after the New York Stock Exchange Arca submitted a 19b-4 rule change to list the exchange-traded fund.

Yorkville America Digital, the company tasked with managing the fund, has registered it as a Nevada business trust, offering shares representing fractional ownership in its Bitcoin holdings. This approach differs from the majority of ETFs, which are typically filed as Delaware statutory trusts, providing a wealth of legal precedent and case law as guardrails.

The filing reveals that Foris DAX Trust Company will serve as the fund's Bitcoin custodian, marking a departure from the custodial arrangements used by existing spot Bitcoin ETFs, such as iShares Bitcoin Trust and the Fidelity Bitcoin Trust, which rely on Coinbase Custody and Fidelity Digital Assets.

The Trump family's involvement in the crypto space continues to expand, with the Truth Social Bitcoin ETF being the latest addition to their growing portfolio of crypto projects. This includes their earliest ventures into NFT collections, the Official Trump meme coin, and their association with World Liberty Financial, a project that has introduced a WLFI governance token and USD1 stablecoin.

As the crypto industry continues to evolve, the potential approval of the Truth Social Bitcoin ETF could mark a significant milestone for the Trump family's foray into the digital asset space, further solidifying their presence in the rapidly-changing financial landscape.