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Investing.com-- President Donald Trump’s Truth.Social platform progressed towards launching its own Bitcoin exchange-traded fund, a filing with the New York Stock Exchange showed on Tuesday.
NYSE Arca, the all-electronic arm of the NYSE, filed on Tuesday to list a Bitcoin ETF backed by Truth.Social, which belongs to Trump Media & Technology Group Corp (NASDAQ:DJT). Trump is a majority owner of the firm.
NYSE Arca filed a 19b-4 form seeking regulatory approval to list the ETF and allow its trade on the exchange.
The Truth.Social Bitcoin ETF intends to directly track the price of the world’s biggest cryptocurrency, capitalizing on the increasing popularity of spot crypto ETFs over the past year.
Tuesday’s filing comes after Trump Media and Crypto.com announced a partnership to develop several digital asset products together, including ETFs.
The U.S. spot Bitcoin ETF market has grown substantially since its approval in early-2024, with a combined lifetime inflow of $44.4 billion.
The Truth.Social Bitcoin ETF marks another foray by Trump into crypto– a space he has shown increasing support over the past year. The president had earlier this year launched his own memecoin– $TRUMP– while his family founded crypto firm World Liberty Financial in late-2024.
Last week, Trump Media announced a share offering aimed at raising $3 billion which it will spend on buying crypto.
Bitcoin was mildly positive on Wednesday, up 0.2% at $105,688.7.