Donald Trump’s media company has filed plans to launch a new cryptocurrency exchange-traded fund (ETF) that would directly invest in Bitcoin and Ethereum — a move that comes just days after a financial disclosure revealed the president’s firm has already generated an estimated $320 million in fees from its Truth Social stock, $TRUMP.
The combination of political power, personal profit, and expanding influence in the digital asset space is stoking a fresh wave of criticism and ethical scrutiny.
The proposed Truth Social Bitcoin and Ethereum ETF, disclosed in a regulatory filing on Monday, aims to give investors simplified access to the two largest cryptocurrencies without needing to manage digital wallets or navigate crypto exchanges. The ETF will be sponsored by Yorkville America Digital and will become part of a broader ecosystem of Trump-branded ventures seeking to capitalize on digital asset enthusiasm.
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Trump Media & Technology Group (TMTG) — which operates the social media platform Truth Social and is majority-owned by the president — has in recent months rapidly expanded its crypto ambitions. Earlier in June, the company filed to launch a separate Bitcoin-only ETF and announced plans to borrow cash to buy and hold Bitcoin as a treasury asset. Trump Media has also indicated that it plans to invest in the very ETFs it is now proposing to bring to market.
$320 Million Windfall Fuels Questions
The new ETF filing follows a legally required personal financial disclosure that sheds light on the inner workings of TMTG. According to the document, the company has already raked in approximately $320 million in fees from its Truth Social stock, $TRUMP, largely from enthusiastic retail investors — many of them supporters of the president.
The fees were generated from share-based compensation and transaction-related gains, and they represent one of the most lucrative aspects of Trump’s post-White House business operations.
Some believe that Trump is now leveraging his presidency to directly influence and benefit from financial products that rely on regulatory clarity and political momentum. With Trump positioned to shape cryptocurrency regulation, monetary policy, and financial oversight, ethics experts are concerned the overlap between public office and private enrichment will be stark.
A Crowded, Yet Growing Market
Trump’s entry into the crypto ETF space arrives as investor demand continues to climb. The iShares Bitcoin Trust has pulled in $12.5 billion in 2025 alone, with total assets reaching $70 billion. Ethereum ETFs are also gaining ground — the iShares Ethereum Trust ETF and the leveraged 2x Ether ETF have collectively attracted more than $2 billion in inflows this year, making them the second and third most popular crypto ETFs in the U.S., according to Bloomberg data.
Despite the crowded landscape, Trump Media believes it can break through by blending financial access with political identity. Truth Social already caters to a core user base skeptical of traditional tech giants, and the company sees an opportunity to convert ideological loyalty into investor capital. The ETF products are expected to be promoted heavily on Truth Social and other conservative platforms aligned with the president’s messaging.
Family Control and Business Entanglements
While the White House insists the president is walled off from his businesses, Trump has transferred an estimated $4 billion worth of TMTG stock into a trust controlled by his eldest son, Donald Trump Jr. The structure allows the family to retain control while shielding the president from direct management — a legal workaround that has done little to quiet concerns about self-dealing.
On the same day the ETF was filed, Trump’s sons also launched Trump Mobile, a branded phone service marketed with the same populist pitch — “made in America” and offering an alternative to mainstream providers.
If approved by regulators, the Truth Social Bitcoin and Ethereum ETF would be the first digital asset fund directly tied to a sitting U.S. president. Supporters say the move is consistent with Trump’s long-standing stance as a disruptor of both politics and finance.
With billions already flowing into crypto ETFs this year, and regulatory momentum behind Ethereum-based products in particular, the president’s foray into the space is likely just the beginning.