Trump's Truth Social takes step toward launching bitcoin ETF with NYSE Arca filing

The Truth Social platform, founded by former President Donald Trump, is advancing toward the introduction of a bitcoin exchange-traded fund (ETF) for general investors. NYSE Arca, the electronic arm of the New York Stock Exchange responsible for the majority of ETF transactions, submitted a filing on Tuesday to list a bitcoin fund associated with Trump's media company. This move marks a significant step in Trump's ongoing engagement with the cryptocurrency sector. The filing, known as a 19b-4 form, is a prerequisite for regulatory review before the fund can be officially launched and traded on a U.S. exchange. Named the Truth Social Bitcoin ETF, the fund aims to mirror the price of bitcoin, providing investors with an easier pathway to engage with the digital currency without the need to directly own it. This filing comes on the heels of a partnership announced in March between Trump Media and Crypto.com, which aims to introduce a range of digital asset products later this year, subject to regulatory approval. These offerings are expected to include a mix of cryptocurrencies, such as bitcoin and Crypto.com's native Cronos token, alongside more traditional securities. They will be marketed under the Trump Media brand and made accessible to a global audience via major brokerage services and the Crypto.com app, which boasts over 140 million users. Since the launch of spot bitcoin ETFs in January 2024, the market has ballooned to exceed $130 billion in total assets. BlackRock's iShares Bitcoin Trust (IBIT) holds a significant portion of this market with nearly $69 billion in assets, establishing it as the largest manager of digital assets globally. Trump is the principal owner of Truth Social's parent company, Trump Media & Technology Group, which has undertaken several initiatives aligned with cryptocurrency in recent months, including trademarking digital asset products and revealing a $2.5 billion bitcoin treasury strategy last week in Las Vegas. Should the ETF receive approval, it could stand as one of the most politically linked entries into the expanding bitcoin fund market.