U.S. President Donald Trump is expanding his rapidly growing cryptocurrency business.
Trump is reportedly planning to launch a spot Bitcoin (BTC) exchange-traded fund (ETF) through his Truth Social media company.
NYSE Arca, which is part of the New York Stock Exchange, has filed paperwork with the U.S. Securities and Exchange Commission (SEC) to launch a fund issued by U.S. President Donald Trump’s Truth Social media company.
Truth Social is a social media platform and clone of X/Twitter.
The application with the SEC is for a fund that would track the spot price of Bitcoin (BTC), joining about a dozen other spot Bitcoin ETFs that already exist.
The filing was made on behalf of crypto asset manager Yorkville America Digital, which is a partner of Trump Media & Technology Group (DJT), the owner of Truth Social.
Should the fund be approved, its custodian would be the Foris DAX Trust Company, which also serves as the custodian for Crypto.com’s assets.
Trump’s new spot Bitcoin ETF would trade under the name “Truth Social Bitcoin ETF,” according to the regulatory filing.
The U.S. president and his family are increasingly involved in cryptocurrencies, including launching the $Trump meme coin days before the inauguration this past January.
Bitcoin, the largest cryptocurrency by market value, is currently trading at $105,000 U.S. per share, having gained 12% so far this year.
