Trump Media, the parent company of the social media platform Truth Social, has filed an amendment to its registration with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF). The filing, however, did not include key details such as the fund’s fee structure or a ticker symbol.
Bloomberg Intelligence senior ETF analyst Eric Balchunas commented that the fund may face a challenge in a market already dominated by major players. The spot Bitcoin ETF market includes asset managers like BlackRock, Fidelity, and Grayscale.
If approved by the SEC, the ETF would hold Bitcoin directly and aim to reflect the cryptocurrency’s price performance for investors. The fund’s shares would be listed on the NYSE Arca. According to a recent release, Crypto.com will serve as the Bitcoin custodian and liquidity provider, while Yorkville America Digital will act as the fund’s sponsor.
The amended S-1 filing, submitted on Monday, updated the original document from June. Changes include new details on a Digital Asset Cooperation Agreement, policies for handling airdrops, and clarified operational procedures for share creation and redemption. The filing also expanded on regulatory risks, mentioning the GENIUS Act, stablecoin risks, and recent executive orders.
Given the existing competition, analysts say the success of the Trump Media ETF would likely depend on offering a much lower fee than competitors or providing a unique value proposition to investors. While no launch date has been announced, the company’s decision to partner with established infrastructure providers like Crypto.com could help it navigate regulatory scrutiny.
