NYSE Arca, a key segment of the New York Stock Exchange, has recently submitted a filing with the Securities and Exchange Commission (SEC) aimed at launching a new exchange-traded fund (ETF) associated with Truth Social, the media platform founded by U.S. President Donald Trump.
On Tuesday, NYSE Arca submitted a 19b-4 document to the SEC, outlining a fund intended to track the price of bitcoin (BTC). This ETF would operate similarly to existing spot bitcoin ETFs already available in the market.
The filing was conducted on behalf of Yorkville America Digital, a crypto asset management firm that has established a partnership with Trump Media & Technology Group, the parent organization of Truth Social.
If approved, the fund’s custodian will be Foris DAX Trust Company, known for its role as the custodian of Crypto.com’s assets, ensuring the security and management of the cryptocurrency invested in the fund.
The 19b-4 filing is an essential step for self-regulatory organizations (SROs) when proposing a change in trading rules, which subsequently requires an additional document, the S-1, to formalize the proposal.
According to the details outlined in the filing, the fund will trade under the name Truth Social Bitcoin ETF, marking a significant intersection of politics and cryptocurrency.
