Trump's Truth Social Files For Bitcoin ETF As Family Goes 'Seriously Long' On Crypto

The New York Stock Exchange submitted a Bitcoin (CRYPTO: BTC) exchange-traded filing Tuesday on behalf of Truth Social, the social media platform owned by President Donald Trump.

What Happened: NYSE Arca, a subsidiary of the NYSE, filed a Form 19b-4 with the SEC, seeking to list and trade shares of the proposed “Truth Social Bitcoin ETF,” designed to track the price of the apex cryptocurrency.

The filing stated, “The shares are intended to constitute a simpler means of making an investment similar to an investment in Bitcoin rather than by acquiring, holding and trading Bitcoin directly.”

The trust’s sponsor is Yorkville America Digital, LLC, with Foris DAX Trust Company, LLC serving as the custodian.

See Also: Anthony Scaramucci Agrees Bitcoin Skeptic Jamie Dimon Would Be A ‘Welcome Alternative’ As President

Why It Matters: The Trump Media and Technology Group (NASDAQ:DJT), operator of Truth Social, is co-founded and majority-owned by Trump.

The move was the latest in a series of steps geared at increasing the Trump family’s engagement with the world’s largest cryptocurrency.

Last week, TMTG said it would use the proceeds of a $2.5 billion private offering to create a Bitcoin reserve. Donald Trump Jr., Trump’s eldest son, stated that the Trumps were "seriously long" on Bitcoin.

Notably, TMTG entered into a partnership with Crypto.com to launch a series of ETFs under the Truth.Fi brand earlier in May. The ETFs were expected to comprise a blend of digital assets and securities with a ‘Made in America' emphasis.

Price Action: At the time of writing, BTC was exchanging hands at $105,740.91, up 0.13% in the last 24 hours, according to data from Benzinga Pro. 

The DJT stock rose was up 0.46% in after-hours trading after closing 2.10% higher at $21.84 on Tuesday.

As of this writing, the DJT stock exhibited a low value score— a metric that evaluates an asset's relative worth by comparing its market price to fundamental measures. In case you’re looking to pack your portfolio with high-value equities, check out Benzinga’s proprietary Edge Rankings score.

Photo Courtesy: mundissima on Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.