Key Takeaways
- • Trump Media & Technology Group (DJT.O) filed with the SEC on Monday, June 16, 2025, to launch an exchange-traded fund investing in both bitcoin and ethereum, according to the filing reported by Reuters.
- • The filing marks the second crypto ETF application from the company in less than two weeks, following its earlier Truth Social Bitcoin ETF filing.
- • The proposed fund would enter a crowded market dominated by established managers such as BlackRock, whose iShares Bitcoin ETF holds $72.5 billion in assets.
- • The filing does not disclose proposed fees; similar bitcoin products charge around 0.12%, and Morningstar's Bryan Armour says new entrants will need to differentiate on fees or brand.
- • The issuer, Yorkville America Digital, initially anticipates holding three bitcoins for every ethereum token in the fund.
Summary
Trump Media & Technology Group is seeking U.S. Securities and Exchange Commission approval for an exchange-traded fund that would invest in both bitcoin and ethereum, the two largest cryptocurrencies, according to a filing made with the SEC on Monday, as reported by Reuters. The proposed products are named the Truth Social Bitcoin ETF and the Truth Social Bitcoin & Ethereum ETF. The company, which is associated with President Donald Trump, made the filing less than two weeks after its earlier cryptocurrency ETF application.
The proposed funds would enter a competitive field already led by a handful of established asset managers. BlackRock's iShares Bitcoin ETF, for example, has $72.5 billion in assets. Morningstar ETF analyst Bryan Armour said that any new entrant faces a difficult task in this market, adding that "the only way to stand out will be through fees or brand."
The filing does not disclose proposed fees, and Trump Media has not yet revealed fees for its bitcoin ETF. Comparable products charge about 0.12%. The issuer, Yorkville America Digital, said it initially expects to hold three bitcoins for every ethereum token in the fund, a specific allocation ratio Armour noted in the filing.
Sui Chung, CEO and chairman of CF Benchmarks, said the new venture offers little that is structurally different and could be distinguished mainly by its marketing. Given Truth Social's involvement, he suggested the products may be marketed directly to individual investors. Trump Media representatives did not immediately respond to Reuters' request for comment.
The proposed funds would enter a competitive field already led by a handful of established asset managers. BlackRock's iShares Bitcoin ETF, for example, has $72.5 billion in assets. Morningstar ETF analyst Bryan Armour said that any new entrant faces a difficult task in this market, adding that "the only way to stand out will be through fees or brand."
The filing does not disclose proposed fees, and Trump Media has not yet revealed fees for its bitcoin ETF. Comparable products charge about 0.12%. The issuer, Yorkville America Digital, said it initially expects to hold three bitcoins for every ethereum token in the fund, a specific allocation ratio Armour noted in the filing.
Sui Chung, CEO and chairman of CF Benchmarks, said the new venture offers little that is structurally different and could be distinguished mainly by its marketing. Given Truth Social's involvement, he suggested the products may be marketed directly to individual investors. Trump Media representatives did not immediately respond to Reuters' request for comment.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.