The NYSE Group filed the documents on Tuesday to list the “truth social bitcoin ETFs” linked to Trump Media. Trump Media, which is majority owned by Donald Trump, is partnering with ETF Yorkville Advisors. Sponsored by Yorkville America Digital. Crypto.com Affiliate Foris Dax Trust Company will become a custodian.
Trump Media & Technology Group Corp. (TMTG) is approaching the introduction of Bitcoin-linked Exchange Trade Funds (ETFs) where companies closely associated with former President Donald Trump are expected to enter the increasingly crowded stage of cryptocurrency investment products targeted at retail investors.
The New York Stock Exchange (NYSE) Group Inc. took the formal step on Tuesday by filing regulatory documents to list the “true social bitcoin ETFs.”
The name directly refers to President Trump’s social media network and further strengthens the relationship between the proposed financial products and the Trump brand.
The move follows TMTG’s previous actions in February, when Trump holds a majority stake, applied to several brands of investment products.
These proposed products feature themes that closely align with the former president’s policy priorities, including Bitcoin.
To navigate the complex regulatory approval process, TMTG has signed a formal agreement with Yorkville Advisors, a New Jersey-based company that Trump Media described as “the first asset management company in America.”
Tuesday’s regulatory submission identifies Yorkville America Digital as a sponsor of a new Truth social ETF. The fund’s strategy involves actively buying and selling Bitcoin to track the prices of major cryptocurrencies.
According to the document, Crypto.com will act as administrator for digital tokens held by the ETF through an affiliated entity named Foris Dax Trust Company LLC.
The submission does not expressly mention Donald Trump, nor does it provide ticker symbols or details regarding the fund’s fees at this stage.
Neither Yorkville Advisors nor Trump Media & Technology Group responded immediately to requests for comment on the development.
A crowded field with presidential connections
If the true social bitcoin ETF is approved by the regulator, it will join the vast universe of over 60 US list ETFs already tied to Bitcoin.
However, this particular fund could benefit from a clear relationship with the former president who not only defended Bitcoin-friendly laws, but also discussed the concept of creating a National Cryptocurrency Reserve.
Market analysts acknowledge this unique positioning of the potential ETF.
“We’re looking forward to seeing you in the future,” said Eric Bulknath, senior ETF analyst at Bloomberg Intelligence.
But on the other hand, it is a routine submission in a very busy category, with work being cut off to attract flow and fluidity.
Expanding Trump-related crypto ventures and ethical scrutiny
The proposed ETF represents one of several cryptocurrency-related business ventures pursued by companies related to Donald Trump.
Trump Media recently announced its intention to borrow money specifically to invest in Bitcoin.
Additionally, the company has previously stated its plans to invest in ETFS issues, generating a direct economic benefit on performance.
The impact of these intertwined economic interests and policies has attracted criticism from ethics experts.
Concerns have been raised about Trump’s potential to be in a position to shape or to benefit financially from the sectors that are shaping their policies.
The White House has previously claimed that the former president has been kicked out of the corporations with his name.
He reportedly transferred approximately $4 billion worth of Trump Media stocks to a trust managed by his son, Donald Trump Jr.
Despite these arrangements, Trump’s political persona and his close ties with these financial ventures continue to attract surveillance.
