SEC Reviews Trump’s Truth Social Bitcoin ETF Filing
Trump Media updates SEC filing for Truth Social Bitcoin ETF with Crypto.com as custodian, pending NYSE Arca listing approval.
- SEC reviewing Trump Media’s Bitcoin ETF filing.
- Crypto.com named as exclusive custodian.
- ETF to be listed on NYSE Arca if approved.
The U.S. Securities and Exchange Commission (SEC) is reviewing an amended registration statement from Trump Media & Technology Group (DJT) for its Truth Social Bitcoin ETF. This updated filing represents another step in the company’s push to launch a spot Bitcoin ETF that would directly hold the cryptocurrency.
Trading under the ticker B.T., the ETF is designed to give investors direct Bitcoin exposure without having to manage private keys or wallets themselves. The filing emphasizes that the fund will hold Bitcoin directly rather than through futures contracts.
Crypto.com to Handle Bitcoin Custody
A notable update in the new filing is the appointment of Crypto.com as the ETF’s exclusive custodian. This means the crypto exchange will be responsible for safeguarding the Bitcoin assets that back the ETF.
Custody is a critical component of any spot Bitcoin ETF, ensuring that assets are stored securely and meet regulatory requirements. The choice of Crypto.com suggests Trump Media is leaning on established crypto infrastructure to gain investor confidence.
Awaiting Approval for NYSE Arca Listing
If approved by the SEC, the Truth Social Bitcoin ETF will trade on NYSE Arca, a platform well-known for listing exchange-traded products. The ETF’s sponsor, Yorkville America Digital, will continue to oversee the fund’s operations and compliance.
While the filing signals progress, the SEC has historically been cautious about spot Bitcoin ETFs. The agency’s review will focus on issues like market manipulation risks, investor protection, and custody safeguards. Approval would make this one of the most high-profile Bitcoin ETFs to hit the market.
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