Trump Media Files for Dual Bitcoin-Ethereum ETF as Truth Social Expands Into Cryptocurrency Markets

Trump Media and Technology Group Corp, the operator behind Truth Social, has submitted a formal application to launch a Bitcoin and Ethereum exchange-traded fund, marking another significant step in the company's expansion into cryptocurrency investment products.

Filing Details and Fund Structure

On June 24, Trump Media filed Form 19b-4 with the U.S. Securities and Exchange Commission, seeking approval to list the Truth Social Bitcoin and Ethereum ETF on NYSE Arca under the ticker symbol "B.T." The proposed fund would allocate 75% of its assets to Bitcoin and 25% to Ethereum, providing investors with exposure to the two largest cryptocurrencies by market capitalization through a single investment vehicle.

The ETF is structured as a commodity-based trust, following established frameworks used by other cryptocurrency investment products. This structure allows the fund to hold physical digital assets rather than derivatives, providing direct exposure to spot Bitcoin and Ethereum markets.

Key Players and Infrastructure

Yorkville America Digital has been named as the sponsor of the fund, while Foris DAX Trust Company, an affiliate of major cryptocurrency exchange Crypto.com, will serve as custodian for both digital assets. This partnership leverages Crypto.com's established infrastructure and regulatory compliance capabilities in the digital asset space.

Beyond custody services, Crypto.com will also function as the execution agent for the fund and provide additional services, including staking and liquidity support. The company's involvement brings significant operational expertise to the venture, given its position as one of the world's largest cryptocurrency platforms.

Security and Valuation Framework

According to the filing, all Bitcoin and Ethereum holdings will be stored in cold storage systems managed by Foris DAX Trust Company. Cold storage refers to offline storage methods that provide enhanced security by keeping digital assets disconnected from internet-accessible systems, reducing the risk of cyber attacks and unauthorized access.

The fund plans to use CME CF benchmark reference rates to calculate its net asset value, providing standardized and transparent pricing mechanisms. These rates are widely recognized in the institutional cryptocurrency market and offer reliable price discovery for Bitcoin and Ethereum.

Regulatory Process and Timeline

The Form 19b-4 filing represents the second of two required regulatory submissions for the ETF launch. Trump Media previously filed a Form S-1 registration statement on June 16, which covers disclosure requirements and structural details necessary for a public offering. Both forms must receive SEC approval before the ETF can begin trading.

The SEC now has up to 240 days to make a final decision on the application, though the agency typically provides an initial response within 45 days. This review process allows regulators to examine the fund's structure, risk management protocols, and compliance with securities laws.

Growing ETF Portfolio

This dual-asset ETF represents Trump Media's second cryptocurrency investment product proposal. The company previously filed for approval of the Truth Social Bitcoin ETF on June 3, also through NYSE Arca, which would focus exclusively on Bitcoin exposure using the same sponsor and custodian arrangement.

The Bitcoin-only ETF remains under SEC review, with a final decision deadline of January 29, 2026, assuming all possible extensions are utilized. This timeline reflects the comprehensive nature of regulatory review for new cryptocurrency investment products.

Market Context and Investment Implications

The filing comes amid sustained institutional and retail demand for cryptocurrency ETFs in the United States. The approval of spot Bitcoin ETFs earlier in 2024 marked a watershed moment for cryptocurrency investment products, leading to billions of dollars in assets under management and providing traditional investors with regulated access to digital assets.

If approved, the Truth Social Bitcoin and Ethereum ETF would offer several potential advantages to investors. The dual-asset approach provides diversification within the cryptocurrency space while maintaining focus on the two most established digital assets. The 75-25 Bitcoin-Ethereum allocation reflects Bitcoin's larger market capitalization while providing meaningful exposure to Ethereum's ecosystem.

The fund's structure would allow retail and institutional investors to gain cryptocurrency exposure through traditional brokerage accounts, eliminating the need for specialized cryptocurrency exchanges or wallet management. This accessibility could appeal to investors seeking cryptocurrency exposure without the technical complexities of direct digital asset ownership.

Strategic Positioning

Trump Media's entry into cryptocurrency ETFs represents a significant expansion beyond its core social media operations. The move aligns with broader trends of traditional financial companies and media entities exploring cryptocurrency-related business opportunities.

The timing of these filings coincides with increasing mainstream acceptance of cryptocurrency investments and growing regulatory clarity around digital asset products. The SEC's approval of multiple spot Bitcoin ETFs has established precedent for cryptocurrency investment vehicles, potentially streamlining the review process for subsequent applications.

Looking Forward

The success of Trump Media's ETF applications will depend on regulatory approval and subsequent market reception. The cryptocurrency ETF space has demonstrated strong investor demand, with early Bitcoin ETF launches attracting significant asset inflows.

As the SEC continues its review process, market participants will be watching for signals about the agency's approach to multi-asset cryptocurrency ETFs and the specific criteria used to evaluate these products. The outcome could influence future cryptocurrency investment product development and the broader integration of digital assets into traditional financial markets.

The dual-filing strategy pursued by Trump Media, with both single-asset and multi-asset offerings, reflects a comprehensive approach to capturing different investor preferences within the growing cryptocurrency investment landscape.