Trump Media Files for Truth Social Bitcoin ETF, Elon Vs Trump Intensifies

According to the filing dated June 5, the ETF will be physically backed—meaning actual Bitcoin (not futures contracts) will be held in custody on behalf of the fund. The trust’s stated goal is to “reflect generally the performance of the price of Bitcoin,” which is regulatory-speak for: “Buy our ETF instead of bothering with wallets, keys, and exchanges.”

This puts Trump Media in the same sandbox as financial heavyweights like BlackRock and Fidelity—but with more political theater and fewer pinstripes.

The ETF will trade (pending approval) on NYSE Arca, the electronic trading arm of the New York Stock Exchange, via a 19b-4 filing submitted by the exchange. This is the formal request regulators must review before the product can go live. NYSE Arca submitted the filing on behalf of Yorkville America Digital, a partner of TMTG in the ETF venture.

President Trump’s Truth Social files S-1 form for their Bitcoin ETF, Source: X

If approved, the Truth Social Bitcoin ETF would not just be another crypto fund—it would be the first ever Bitcoin ETF directly tied to a former U.S. President’s media platform. That’s right: a financial instrument backed by Trump, built by Truth Social, and powered by Crypto.com. Because of course it is.

Crypto.com is slated to play a central role, serving as the ETF’s exclusive custodian, prime execution agent, and liquidity provider. This means the exchange will handle the fund’s bitcoin storage and trades—essentially acting as the engine under the ETF’s hood.

There’s a twist, though. According to the fine print in the S-1 filing, Crypto.com and the fund’s sponsor retain the ability to take positions in bitcoin ahead of the ETF itself—a controversial clause that essentially gives insiders permission to front-run. The document spells it out plainly: “Prospective Shareholders should be aware that such persons may take positions in bitcoin which are opposite, or ahead of, the positions taken for the Trust.”

That’s not exactly the kind of fiduciary language that screams “investor-friendly.” Most ETFs go out of their way to downplay conflicts of interest. Here, they’re baked into the deal.

And don’t expect any windfalls from a Bitcoin fork, either. The ETF also explicitly states it will permanently forfeit any “incidental rights”—meaning if Bitcoin Cash 2.0 or some other splinter coin emerges, investors in this fund won’t see a satoshi of it.

This filing follows Trump Media’s partnership announcement with Crypto.com earlier this year, teasing a broader rollout of digital asset products under the Trump Media brand. These include crypto baskets (think bitcoin + Cronos + who knows what else), potentially paired with traditional securities and targeted at global investors. The products will reportedly be available via mainstream brokerages and Crypto.com’s app, which boasts over 140 million users worldwide.

Meanwhile, the spot Bitcoin ETF space has exploded since its January 2024 debut, with assets under management now topping $130 billion. BlackRock’s IBIT leads the pack with $69 billion AUM, making it the reigning king of digital asset ETFs. But Trump Media’s entry isn’t just another competitor—it’s a political lightning rod wrapped in a crypto wrapper.

And don’t forget, this filing comes hot on the heels of another bold move: TMTG recently unveiled a plan to allocate $2.5 billion in Bitcoin to its corporate treasury, giving it one of the largest Bitcoin war chests in the U.S. corporate world. That Vegas announcement was peak Trump: flashy, bold, and full of laser-eyed conviction.

Bitcoin was down today, as it struggled to maintain traction above $105,000, Source: BNC Bitcoin Liquid Index

Bottom line? Trump’s crypto play isn’t just branding—it’s a full-court press into financial infrastructure, and it’s got just enough populist flair to shake up a market that’s been increasingly institutional and buttoned-up. Whether you love him or loathe him, Trump just made Bitcoin ETFs political—and possibly a bit more entertaining.

Finally, things are getting spicy in the volatile war of words between President Trump and Elon Musk who have gone from friends to enemies in record time as their disagreement over government spending and Trump’s Big Beautiful Bill gets toxic.

Today, Elon Musk posted on X, that it was “Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!”

Elon Musk unloads on Trump via X, source: X

Grab your popcorn folks, this is about to get interesting!