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Trump Media Joins ETF Race: Amended Bitcoin Fund Filing Lacks Key Details
Trump Media, the company behind Truth Social, has officially filed an amended S-1 registration with the U.S. Securities and Exchange Commission (SEC) for its proposed spot Bitcoin ETF. The move marks a continued push by the firm to enter the already crowded crypto ETF market.
Despite the update, the amended filing still does not include essential information such as the management fee or a ticker symbol, as highlighted by Bloomberg Intelligence analyst Eric Balchunas. He previously commented that the ETF could face an uphill battle, especially given its late entry and intense competition from industry giants.
ETF Will Hold Bitcoin Directly
If approved by the SEC, the Truth Social Bitcoin ETF would hold Bitcoin directly and offer shares designed to track the digital asset’s price performance. The fund will list on NYSE Arca, pending regulatory approval of both the registration statement and Form 19b-4.
Backing the fund are notable infrastructure partners:
- Crypto.com will act as custodian and liquidity provider
- Yorkville America Digital will serve as the fund sponsor
What’s New in the Amended S-1?
The amended filing, submitted on August 11, 2025, builds upon the original June 5 filing by introducing several important disclosures and structural clarifications. Notably, it includes new details regarding the Digital Asset Cooperation Agreement signed in April 2025, which outlines operational relationships critical to the fund’s structure. It also updates the list of CF Benchmarks Index platforms, ensuring more accurate and current pricing mechanisms.
Furthermore, the filing establishes clear policies on handling airdrops and incidental rights, addressing how unforeseen token distributions will be managed. On the regulatory front, the document expands its discussion to cover emerging risks such as hard forks, implications of the GENIUS Act, and exposure to stablecoins. Lastly, the Trust Agreement has been restated in full to reflect these updates and provide enhanced legal and operational clarity.
Facing the Bitcoin ETF Titans
Trump Media’s ETF joins a market already dominated by BlackRock, Fidelity, Grayscale, and Ark Invest—firms known for their low-cost, high-liquidity products and massive investor trust.
To compete, Truth Social’s fund may need to offer significantly lower fees or unique features to differentiate itself. While no launch date has been announced, its partnership with established names like Crypto.com could help navigate SEC scrutiny.
As the race for Bitcoin ETF supremacy continues, all eyes are now on whether Trump Media can break through the Wall Street barrier—or get lost in the noise.
