NYSE Arca Inc. filed a rule change with the U.S. Securities and Exchange Commission (SEC) on June 3 to list and trade Truth Social Bitcoin ETF, a crypto fund tied to the branding of social media platform Truth Social. The filing states:

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’).

The ETF is sponsored by Yorkville America Digital LLC and leverages the branding of Truth Social—a platform launched by Trump Media & Technology Group, which is majority-owned by President Donald Trump.

The proposed bitcoin ETF would offer investors indirect exposure to the crypto asset without requiring them to hold BTC directly. It aims to track the price performance of bitcoin through shares backed by custody services from Foris DAX Trust Company LLC. Daily net asset values (NAV) would be calculated using CF Benchmarks’ USD/ BTC Index, while intraday indicative values (IIV) would update every 15 seconds using CME CF’s real-time index. Public disclosures will be made available daily on the Trust’s website, including premium/discount trends, NAVs, and holdings data.

Structurally, the Trust mirrors other spot bitcoin ETFs approved by the SEC in January 2024, such as those from Blackrock, Grayscale, Bitwise, Fidelity, and ARK 21Shares. Only authorized participants will be allowed to create or redeem baskets of 10,000 shares, exclusively through cash transactions. The ETF will not allow direct delivery or redemption of bitcoin. Surveillance arrangements are in place with the CME and Intermarket Surveillance Group (ISG) to monitor for fraud or manipulation. An investor bulletin will be issued before trading to inform market participants of risks and mechanics.

Critics of bitcoin ETFs argue that the underlying spot market remains vulnerable to manipulation and lacks centralized oversight. Supporters argue that regulated ETF structures, daily transparency, and institutional-grade custody offer greater investor protection than unregulated crypto exchanges. The use of the Truth Social brand may amplify political interest, but also invites scrutiny given the high-profile nature of Trump’s business affiliations.

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