Trump’s Truth Social files with SEC for bitcoin-ether ETF

Truth Social, the social media platform run by Trump Media Technology Group, has filed to launch an exchange-traded fund that would track both bitcoin and ether prices.

In a Form S-1 submitted Monday , the proposed “Truth Social Bitcoin and Ethereum ETF, B.T.” said about three-quarters of its assets would be allocated to bitcoin. The sponsor, Yorkville America Digital LLC, may later change that 3-to-1 ratio “in its sole discretion,” according to the prospectus. Any change would be disclosed in a prospectus supplement, SEC filings, or on the fund’s website.

Foris DAX Trust Co. LLC is listed as custodian, as it was in the previous crypto ETF filing from Truth Social.

Truth Social is the third issuer to pursue a dual bitcoin-ether product, according to SEC records, following filings from Bitwise and Hashdex. Volatility Shares and ProShares also filed for similar products, but tied to futures markets.

Trump Media expands crypto foray

The application comes on the heels of Truth Social’s June 5 filing for a single-asset bitcoin ETF . Shortly after, the SEC approved Trump Media's multi-billion-dollar bitcoin plan following a $2.32 billion private offering in another push into the digital asset industry.

Both updates have added to Trump’s growing ties to cryptocurrency. More recently, new disclosures revealed that the  U.S. President earned over $57 million from the sale of World Liberty Financial’s WLFI , the native token for the Trump-helmed decentralized finance project.