Trump’s media firm files S-1 with SEC for Bitcoin ETF
Trump Media and Technology Group (TMTG) filed with the SEC to launch a Bitcoin exchange-traded fund (ETF) named Truth Social Bitcoin ETF on June 5. The ETF aims to reflect Bitcoin's price performance, with assets primarily held by a custodian. NYSE Arca proposed to list the ETF in partnership with Yorkville America Digital. If approved, Crypto.com will serve as the exclusive custodian and liquidity provider. The ETF includes exclusivity clauses for services provided by Crypto.com, with product fees yet to be determined. The filing indicates potential conflicts of interest, allowing the ETF's sponsor to front-run transactions, which may adversely affect the Trust's performance. Additionally, ETF holders will not have rights to assets from any Bitcoin forks, as the Trust will abandon such rights.
