Truth Social, a domestic business trust in Nevada, has registered a new entity called the Truth Social Bitcoin and Ethereum ETF. This registration sets the groundwork for an eventual offering of a Bitcoin and Ethereum exchange-traded fund (ETF) focused on the two largest cryptocurrencies by market capitalization.
Intent to Launch Cryptocurrency ETF
The filing with the Nevada Secretary of State indicates Truth Social’s intent to launch a cryptocurrency ETF. The registration includes a dual-asset focus, providing exposure to both Bitcoin (BTC) and Ethereum (ETH), which are considered leading digital assets.
Partnership with Yorkville America Digital
Yorkville America Digital is supporting Truth Social’s entry into cryptocurrency investing through their partnership. According to Yorkville, this is "a crucial step towards getting final approval from regulators allowing retail investors to buy/sell units directly via exchanges rather than having to go through brokerages like Fidelity, which act as middlemen between investors and underlying asset managers."
Next Steps for Approval
To move forward, Truth Social must submit formal offering documents to the Securities and Exchange Commission (SEC). The commission will review these documents before granting final approval for retail investors to buy or sell units directly via exchanges.
Tracking Assets and Regulatory Considerations
The exact details of how Truth Social plans to track these assets remain unknown at this time. However, given current regulations around direct ownership, it is likely that some form of derivatives trading will be involved.
Related Filing by Yorkville America Digital
In related news, Yorkville America Digital filed Form 19b-4 with the SEC on June 3rd, seeking approval for listing and trading shares of the proposed Truth Social Bitcoin ETF. This filing also included the submission of Form S-1 Registration Statement to the U.S. Securities and Exchange Commission for the proposed offering of units representing interests in Yorkville America Digital LLC’s subsidiary fund, which invests exclusively in BTC futures contracts issued by CME Group Inc., NYSE Arca Inc., and Chicago Mercantile Exchange Inc. This document outlines the terms and conditions under which interested parties can purchase shares once approved by the relevant authorities.
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