Trump’s home media company is seeking to launch Bitcoin exchange-traded funds in its latest push to capitalize on its passion for digital currencies.
Trump Media & Technology Group, which operates the president's preferred social media app Truth Social, announced Thursday that it has filed an application with U.S. regulators to create a "Truth Social Bitcoin ETF."
The ETF will be operated by Florida-based Yorkville U.S. Digital (“America First Asset Management”) and will hold Bitcoin directly. If approved, the fund’s shares will be listed on the ETF exchange NYSE ARCA.
TMTG's stock fell 8% on Thursday, according to trading on stock DJT. The loss accelerated in the afternoon when the president openly argued with Elon Musk.
As Bitcoin’s price has climbed $100,000 in recent weeks, this is because the Trump administration aims to create a digital asset-friendly regulatory framework to achieve the president’s goal to make the United States “the crypto capital of the world.”
But it joins a crowded field. There are dozens of spot bitcoin funds, including the $69 billion BlackRock Fund, one of the first to debut when it launched in January 2024.
Trump once said Bitcoin “looks like a scam” and has repeatedly touted his Trump members, hosting dinners for its largest holders this month, sparking attention to potential conflicts of interest.
Within days of entering the White House, Trump’s immigration revoked policies aimed at reducing crypto risks, and now the SEC, run by cryptocurrency advocate Paul Atkins, has revoked several cases against cryptocurrency companies.
TMTG said in late May that it would raise $1.5 billion in new assets through convertible bonds and another $100 million, with its proceeds going to create a "bitcoin treasury."
A week later, the president’s sons Eric Trump and Donald Trump JR traded with cryptocurrencies at a Bitcoin conference in Las Vegas, “cheaper,” “faster,” “faster,” “safeter” and “more transparent.”
“Our cryptocurrency is very long,” Trump novel by TMTG board member. “It’s a big part of everything we do now.”
He broke away from his family on Tuesday from the launch of a Trump-themed Bitcoin trading app and wrote on social media site X that Trump's organization's involvement in the product was zero. But he added that the cryptocurrency company World Free Finance, backed by Trump and his sons, “will launch our official wallet soon.”
In addition to BlackRock, Fidelity and Location operate a huge Bitcoin ETF product that has gained the trust of the institutional investment community, said Dave Nadig, an independent ETF expert.
"I think products like (the Truth Social Bitcoin ETF) have acquired long-term assets, which is absolutely impossible," Nadiger said.