In an unexpected fusion of social media and cryptocurrency, the Truth Social Bitcoin ETF storms onto Wall Street! Brace yourselves, this isn’t your typical crypto fund—this one’s got Trump’s face plastered on it.
The Truth Social Bitcoin ETF: A Crypto Fund with a Twist of Trump
Just when you thought the crypto world couldn’t get any weirder, NYSE Arca Inc. decides to spice things up by filing with the SEC on June 3 for a new Bitcoin ETF—under the oh-so-subtle branding of Truth Social. Because nothing says “legitimate financial vehicle” like a platform that occasionally sees more bots than humans.
The exchange proposes to list and trade shares of the following under NYSE Arca Rule 8.201-E: Truth Social Bitcoin ETF, B.T. (the ‘Trust’).
Sponsored by Yorkville America Digital LLC (they seem nice), this crypto fund is officially endorsed by the social media platform Truth Social, which, you guessed it, is tied to the Trump Media & Technology Group—run by none other than former President Donald Trump. Now, who wouldn’t want their Bitcoin ETF to be a little political, right? 🙄
But wait, there’s more! This Bitcoin ETF offers you the chance to dive into the world of crypto without actually, you know, holding any Bitcoin. It tracks Bitcoin’s price through shares backed by the Foris DAX Trust Company LLC’s custody services. You’ll get daily net asset values (NAV) based on the CF Benchmarks’ USD/BTC Index. And for those of you who can’t wait for prices to update, fear not—intraday values refresh every 15 seconds using CME CF’s real-time index. Because who doesn’t love watching cryptocurrency price updates like they’re refreshing a social media feed?
The ETF structure is pretty much a clone of other spot Bitcoin ETFs approved in 2024—such as the ones from the usual big-name suspects like Blackrock, Grayscale, Bitwise, Fidelity, and ARK 21Shares. However, in true ETF fashion, only authorized participants will be able to create or redeem baskets of 10,000 shares—oh, and only via cash transactions. No Bitcoin delivery or redemption allowed. Not to worry, the CME and Intermarket Surveillance Group (ISG) will be on high alert for fraud or manipulation. Because, you know, crypto never gets manipulated… right?
Some critics of Bitcoin ETFs argue that the underlying spot market is a bit like the wild west—unregulated and ripe for manipulation. On the other hand, the ETF’s supporters swear that regulated structures, daily transparency, and institutional-grade custody are the way to go—offering a lot more security than trading on sketchy crypto exchanges. The Truth Social branding? Well, it might just attract some political attention, but let’s be real, it’ll probably also bring a whole lot of extra scrutiny, given Trump’s not-so-low-profile status.
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2025-06-04 19:57