
Trump Media & Technology Group, the parent company of Truth Social, has filed with the SEC to launch a dual Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) to be listed on NYSE Arca. The filing, submitted on June 16, 2025, proposes the Truth Social Bitcoin and Ethereum ETF with a 75% BTC and 25% ETH allocation. Crypto.com will serve as the custodian and liquidity provider, while Yorkville America Digital is the sponsor. This follows an earlier filing for a Bitcoin-only Truth Social ETF on June 5, 2025.
The SEC review process, initiated by a 19b-4 filing, could take up to 240 days, with a decision on the Bitcoin ETF due by January 29, 2026. The move aligns with Trump Media’s broader crypto strategy, including a $2.3 billion Bitcoin treasury plan, though no purchases have been announced. The ETF aims to provide regulated exposure to BTC and ETH for investors, leveraging Truth Social’s brand to attract interest. The filing by Trump Media & Technology Group for a Bitcoin (BTC) and Ethereum (ETH) ETF on the NYSE carries significant implications for both the crypto market and broader socio-political dynamics.
The proposed ETF, with a 75% BTC and 25% ETH allocation, could further legitimize cryptocurrencies in traditional finance. If approved, it would provide retail and institutional investors with a regulated vehicle to gain exposure to BTC and ETH without directly holding them, potentially driving demand and price appreciation. The involvement of Crypto.com as custodian and liquidity provider signals growing institutional infrastructure for crypto.
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By branding the ETF under Truth Social, Trump Media is leveraging Donald Trump’s name and influence to capture attention in the crypto space. This aligns with their $2.3 billion Bitcoin treasury plan, signaling a long-term bet on crypto as a financial and political tool. Success could bolster Truth Social’s financial position, which has faced challenges since its SPAC merger in 2024.
The SEC’s review process (up to 240 days, with a Bitcoin ETF decision due by January 29, 2026) will test the regulatory environment under a potentially crypto-friendly administration. Donald Trump’s pro-crypto stance, including promises to make the U.S. a “Bitcoin superpower” and establish a strategic Bitcoin stockpile, could ease approval. Approval could accelerate the trend of spot crypto ETFs, following the success of Bitcoin and Ethereum ETFs launched in 2024. It may also encourage competitors to file similar products, increasing market competition and innovation.
The ETF’s association with Trump Media and Truth Social ties it explicitly to Donald Trump’s brand, which could attract his supporter base but alienate others. This move could position Trump Media as a pioneer in blending political identity with financial products, a novel but polarizing strategy. The ETF’s success could depend on market confidence in Trump Media, which has faced volatility (e.g., DJT stock surged 117% post-election but remains volatile).
Any perceived mismanagement or failure could harm the ETF’s credibility. The ETF lowers barriers for investors wary of crypto’s technical complexities or security risks, potentially broadening the investor base. However, the 0.68% expense ratio (as noted in similar ETF filings) could be a point of contention compared to lower-cost alternatives. Trump Media’s involvement in crypto could amplify volatility, given the company’s history of sharp price swings tied to political events. The ETF’s performance may also be influenced by broader crypto market trends, which remain highly speculative.
The ETF’s association with Trump and Truth Social is likely to polarize investors along political lines. Trump’s base, energized by his pro-crypto rhetoric and promises of a “Bitcoin Fort Knox,” may enthusiastically support the ETF, viewing it as a way to align financial interests with political loyalty. Conversely, critics of Trump may avoid the ETF, perceiving it as a politically charged gimmick, even if the underlying assets (BTC and ETH) are sound.
The ETF could become a flashpoint in the culture war, with Truth Social’s reputation as a platform for conservative voices framing it as a “MAGA ETF.” This risks alienating institutional investors or moderates who prefer politically neutral investment vehicles. The crypto community is already divided between those who embrace institutional adoption (e.g., ETFs, corporate treasuries) and purists who see crypto as a decentralized rebellion against traditional finance. A Trump-branded ETF, backed by a centralized custodian like Crypto.com, may alienate the latter group, who could view it as co-opting crypto’s ethos for corporate and political gain.
Some crypto investors may hesitate to invest in an ETF tied to Truth Social, given the platform’s controversial reputation and financial struggles. This could create a divide between those prioritizing ideological alignment and those focused on financial fundamentals. ETFs make crypto more accessible, but the benefits may disproportionately accrue to wealthier investors or institutions with the capital to absorb the risks. Smaller retail investors, particularly in marginalized communities, may remain skeptical or lack the resources to participate, deepening wealth inequality.
The ETF’s success could fuel speculative fervor, drawing in inexperienced investors who associate Trump’s brand with quick gains. This risks creating a divide between informed investors and those vulnerable to losses in a volatile market. Internationally, a Trump-branded ETF could reinforce perceptions of U.S. crypto policy as tied to populist politics, potentially affecting global adoption. Countries with stricter crypto regulations (e.g., China, India) may view this as a reason to tighten controls, while crypto-friendly nations (e.g., El Salvador) may see it as validation.
The Truth Social BTC and ETH ETF filing is a bold move that could accelerate crypto’s mainstream adoption while capitalizing on Trump’s brand to attract a loyal investor base. However, it risks deepening political, cultural, and economic divides by tying a financial product to a polarizing figure and platform. The ETF’s success will hinge on regulatory approval, market reception, and Trump Media’s ability to navigate its controversial image.