The latest entrant into the increasingly crowded cryptocurrency ETF arena comes from an unexpected quarter: Truth Social, the social media platform operating under Donald Trump’s media empire, has filed an S-1 registration statement with the SEC for a dual Bitcoin and Ethereum ETF that would trade on NYSE Arca.
The proposed fund would allocate assets in a 75% Bitcoin, 25% Ethereum ratio—a weightier Bitcoin tilt than some might expect given the Trump family’s particular fondness for Ethereum through their World Liberty Financial venture.
This marks Truth Social’s second crypto ETF filing this month, following an earlier standalone Bitcoin registration that apparently served as an appetizer for this more ambitious dual-asset offering.
What makes this filing particularly intriguing isn’t just its provenance but its operational structure.
What makes this filing particularly intriguing isn’t just its provenance but its operational structure.
Crypto.com, through its Foris DAX Trust Company subsidiary, will pull double duty as both custodian and liquidity provider—a arrangement that streamlines operations while concentrating counterparty risk in a single entity. The exchange will also provide staking services as part of its comprehensive role in the ETF’s operations.
The exchange’s involvement brings institutional heft to what might otherwise appear as a politically-motivated financial experiment.
The ETF landscape Truth Social seeks to enter has become remarkably lucrative, with Bitcoin ETFs alone commanding $131 billion in assets under management across offerings from BlackRock, Grayscale, and Fidelity.
Yet the question remains whether investors will embrace a crypto fund bearing the Trump Media & Technology Group imprimatur, particularly given the intensely polarized nature of contemporary American finance.
The spot ETF structure means the fund will hold actual cryptocurrencies rather than derivatives—a straightforward approach that eliminates the complexities and potential tracking errors associated with synthetic exposure. This approach allows investors to benefit from passive income through their digital asset holdings while maintaining network security participation.
For traditional investors seeking cryptocurrency exposure without the operational headaches of direct ownership, such vehicles offer undeniable convenience.
The regulatory pathway ahead remains standard yet uncertain, requiring SEC effectiveness before launch.
Whether this latest filing represents genuine strategic diversification for Trump’s media conglomerate or merely capitalizes on crypto’s zeitgeist appeal will ultimately depend on investor reception and the fund’s post-launch performance metrics.
