On June 3, Trump Media & Technology Group (TMTG) filed a registration with the U.S. Securities and Exchange Commission (SEC) to launch a new spot Bitcoin exchange-traded fund (ETF) named Truth Social Bitcoin ETF.

NYSE Group Inc. has submitted the necessary regulatory filings to list the product under the brand of Donald Trump’s social media platform, Truth Social. The ETF is being developed in partnership with Yorkville Advisors, a New Jersey-based asset management firm that Trump Media describes as "America-focused."

According to the filing, Foris DAX Trust Company will serve as the fund’s crypto custodian. The ETF's ticker symbol and fee structure have not yet been disclosed. This follows previous trademark filings by Trump Media related to crypto investment products that align with the former president’s political priorities.

The new fund will join over 60 U.S.-based ETFs connected to Bitcoin in various forms. Being a spot ETF, it will purchase and track the actual price of BTC — just like the 11 currently approved and active spot ETFs.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, remarked that while this represents "uncharted territory and strong pro-Bitcoin branding from Trump Media," the application itself enters "an already saturated category" and would need to work hard to attract inflows and liquidity.

Critics have raised concerns about potential conflicts of interest, given Trump’s role in shaping crypto policy and possibly benefiting financially from related enterprises. However, the White House clarified that Trump had transferred his shares in Trump Media to a trust controlled by his son.

Meanwhile, U.S. spot Bitcoin ETFs continue to perform remarkably well. Since their debut 18 months ago, they have collectively attracted over $44.4 billion in net inflows.

Balchunas highlighted BlackRock’s IBIT fund as a major standout, calling it a “baby hanging out with teens and twenty-somethings” due to its rapid rise to the top 25 ETFs. He even predicted that by the end of next year, IBIT could surpass Satoshi Nakamoto as the world’s largest Bitcoin holder — a testament to the appeal of ETFs' convenience, cost-efficiency, liquidity, and trust.

On June 3 alone, the 11 active spot ETFs recorded $375 million in net inflows, potentially breaking a three-day streak of outflows.

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