Trump Media & Technology Group (TMTG), the company behind the Truth Social Platform, has submitted to launch a new Exchange-Traded Fund (ETF) that tracks Bitcoin and Ethereum.
The filing filed with the US Securities and Exchange Commission (SEC) on June 16 shows the company’s bold shift towards digital finance.
According to submission:
“A trust is a passive investment vehicle that does not attempt to generate returns beyond tracking the price of Bitcoin and ether, and is the rewards earned from the ether of that pile to the extent that the trust engages in staking (as defined here).”
The proposed ETF allocates 75% of the portfolio to Bitcoin and 25% to Ethereum.
TMTG partners with Crypto Exchange Crypto.com to handle custody, transaction execution, staking, and liquidity support.
Yorkville America Digital will sponsor the ETF. If the SEC approves the corresponding Form 19b-4, the fund will be listed in NYSE Arca.
Despite the announcement, TMTG shares showed little movement. According to Google Finance data, the stock fell by about 2% to under $20, the lowest price since April.
The strategic shift in Trump media to crypto
The move represents a key step in TMTG’s efforts from a social media-centric platform to a broader range of fintech players.
The company recently pursued this transition by partnering with Crypto.com and Yorkville America to develop a lineup of TMTG branded ETFs that blend digital and traditional assets.
One of the flagship offers is this true social bitcoin and Ethereum ETF. This is a product that lists true social bitcoin ETFs based on previous filings by the NYSE ARCA.
In addition to the ETF’s ambitions, TMTG recently signaled plans to secure regulatory clearance in a $2.3 billion Bitcoin Treasury transaction and strengthen its crypto reserves.
These developments demonstrate the growing commitment of TMTG to digital assets. By partnering with players in key industry and entering the ETF market, the company aims to leverage the increased adoption of crypto and provide regulated exposure to key digital assets.