Truth Social Plans Bitcoin ETF Launch
Truth Social, a social media platform tied to President Donald Trump, has made a move in the cryptocurrency sphere by filing for a Bitcoin exchange-traded fund (ETF). The application was submitted to the Securities and Exchange Commission (SEC) through NYSE Arca, aiming to track Bitcoin's price. This initiative is part of a broader strategy to expand Truth Social's financial influence, with backing from Yorkville America Digital as the sponsor and Foris DAX Trust Company as the custodian. Trump Media, which operates both Truth Social and Truth.Fi, has already allocated a substantial portion of its resources to various investments, including crypto assets. Recently, Trump Media took further steps by establishing a significant Bitcoin treasury. This effort aligns with the SEC's evolving regulatory posture toward cryptocurrencies.
FAQ
❓ What is Truth Social's Bitcoin ETF?
Truth Social's Bitcoin ETF is an exchange-traded fund proposal to track Bitcoin's price, part of Trump's platform expansion into cryptocurrencies.
❓ Who sponsors the Truth Social Bitcoin ETF?
The ETF is sponsored by Yorkville America Digital, LLC, with Foris DAX Trust Company, LLC acting as the custodian.
❓ How does the SEC view crypto ETFs?
The SEC has become more open to regulating crypto with a friendlier approach, partly facilitated by dropping some lawsuits and investigations.