U.S. President Donald Trump’s Social Media Firm Truth Social To Launch Spot Bitcoin ETF

NYSE Arca, which is part of the New York Stock Exchange, has filed paperwork with the Securities and Exchange Commission (SEC) to launch a fund issued by U.S. President Donald Trump’s media company Truth Social. On Tuesday, the exchange filed a 19b-4 document with the SEC for a fund that would track the price of bitcoin BTC, similar to the already existing spot bitcoin exchange-traded funds (ETFs). The filing was made on behalf of crypto asset manager Yorkville America Digital, which is a partner of Trump Media & Technology Group, the owner of Truth Social. The custodian for the fund, if approved, would be Foris DAX Trust Company, which also serves as the custodian for Crypto.com’s assets. A 19b-4 filing is required to be filed by self-regulatory organizations (SROs) to propose a rule change. A second document by the issuer, called the S-1, is also required to make the proposal official. The fund would trade under the name Truth Social Bitcoin ETF, according to the filing.

Source: CoinDesk