NYSE Arca, part of the New York Stock Exchange, yesterday (Tuesday) filed with the Securities and Exchange Commission (SEC) for approval to launch an exchange-traded fund (ETF) that tracks the price of Bitcoin, proposed by Truth Social, the social media company backed by US President Donald Trump.

Truth Social Bitcoin ETF

The exchange submitted the regulatory filing on behalf of crypto asset manager Yorkville America Digital, a partner of Trump Media & Technology Group (TMTG), the owner of Truth Social.

If approved, the fund would trade under the name Truth Social Bitcoin ETF, and its custodian would be Foris DAX Trust Company, which also provides similar services for Crypto.com’s assets.

The filing submitted yesterday was a 19b-4 form, which seeks regulatory approval for introducing new products or amending existing rules. For the ETF to be traded, the SEC must also approve S-1 forms filed by Truth Social, the prospective issuer of the instrument.

The S-1 registration forms contain detailed information about new securities to be offered to the public. For ETFs, these include the fund’s structure, management, and investment strategy, along with information on how the fund tracks the performance of the underlying assets. The SEC uses these forms to assess the risk and transparency of such funds.

Bitcoin ETFs Are Popular

The SEC first approved Bitcoin ETFs in early 2024, allowing 11 such funds to trade on US stock exchanges simultaneously. The issuers of these funds include major mainstream financial institutions like BlackRock and Fidelity, along with crypto-focused firms such as Bitwise and Grayscale.

A few months after the Bitcoin ETFs were approved, the American regulator also approved Ether ETFs. Now, many companies are seeking approval for ETFs based on other cryptocurrencies, such as XRP, Solana, and even Dogecoin.

Meanwhile, Truth Social’s interest in cryptocurrencies became evident earlier this year when it applied to trademark six investment products related to Bitcoin and other sectors.

Source: Finance Magnates