Trump’s Truth Social files S-1 with SEC for Bitcoin ETF

Truth Social, the social-media arm of Trump Media & Technology Group, has submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission for the Truth Social Bitcoin ETF. The fund would hold spot Bitcoin and list on NYSE Arca, tracking the cryptocurrency's market price.The filing comes two days after NYSE Arca lodged a companion Form 19b-4 seeking exchange approval to trade shares of the proposed fund. Both submissions are standard dual filings required before an ETF can launch.In what appears to be a first for a crypto-ETF prospectus, the risk section cites potential effects of President Donald Trump’s pro-crypto push and regulatory overhauls, according to Eric Balchunas, a senior ETF analyst at Bloomberg. The filing notes the creation of an SEC crypto-task force in January and Trump’s March executive order establishing a Strategic Bitcoin Reserve, adding that “it is not possible to fully predict the potential impacts on the Sponsor, the Trust, TMTG, Crypto.com, their affiliates or third-party service providers.”“Pretty sure it's the first time ever the advisor is in the risk section,” Balchunas posted on X. Yorkville America Digital — listed as sponsor — acts in the role an advisor would play for an ETF filed under the U.S. Investment Company Act of 1940, in this case.Approval for the Truth Social Bitcoin ETF would deepen Trump-linked crypto activity. Last month, TMTG announced a $2.5 billion offering to build a corporate Bitcoin treasury. Also, the proposed Bitcoin fund would join a roster of U.S. spot-Bitcoin ETFs from BlackRock, Fidelity, Grayscale, and others that collectively manage about $126 billion worth of assets, according to The Block’s data.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.