In what may represent either a masterful convergence of political branding and cryptocurrency speculation or an audacious gamble that would make even seasoned Wall Street veterans wince, Trump Media & Technology Group has filed with the SEC to launch the Truth Social Bitcoin and Ethereum ETF—a dual-cryptocurrency investment vehicle that allocates 75% to Bitcoin and 25% to Ethereum while simultaneously pursuing a staggering $2.32 billion private placement to build its own Bitcoin treasury.
The NYSE Arca filing, complete with the requisite 19b-4 form and fraud prevention protocols, seeks to create what could become the first major exchange-traded fund offering combined exposure to both leading cryptocurrencies under a single ticker (the proposed but not finalized “B.T.”). This structure aims to simplify institutional access to digital assets through traditional brokerage accounts, eliminating the operational complexities of direct cryptocurrency ownership that have historically deterred conservative investors.
A politically-branded dual-crypto ETF targeting institutional investors through traditional Wall Street infrastructure while navigating uncharted regulatory territory.
TMTG’s crypto ambitions extend far beyond this ETF launch. The company has already completed a $2.5 billion capital raise specifically earmarked for Bitcoin purchases, demonstrating commitment that borders on the evangelical. When combined with the additional $2.32 billion private placement and a planned $400 million share repurchase program, the total financial commitment approaches levels typically reserved for Fortune 500 strategic initiatives.
The timing appears strategically calculated, coinciding with renewed institutional appetite for cryptocurrency exposure and Trump’s self-proclaimed identity as the “crypto president.” The ETF would utilize Crypto.com’s custodial services through Foris DAX Trust Company, though critical operational details including cash custodian arrangements remain unfinalized—a detail that might concern more risk-averse institutional investors. This launch comes as existing Bitcoin ETFs are experiencing unprecedented momentum, with BlackRock’s spot Bitcoin ETF achieving a record 19 consecutive days of inflows totaling over $1 billion in a recent week.
This initiative challenges established Wall Street orthodoxy by introducing politically-branded cryptocurrency products to mainstream exchanges. The precedent established by standalone Bitcoin and Ethereum ETF approvals in 2024 provides regulatory roadmap, yet the combined structure represents uncharted territory for SEC oversight. The move comes as DJT remains 52% controlled by a trust owned by President Trump, providing him significant influence over the company’s cryptocurrency strategy. Despite the ambitious crypto pivot, Trump Media continues to face fundamental challenges with its underlying business model, having reported $105 million losses on just $3.7 million in revenue.
Should the approval process succeed, traditional financial institutions may face competitive pressure to accelerate their own cryptocurrency offerings, potentially reshaping institutional digital asset adoption. The convergence of political celebrity, regulatory innovation, and speculative investment creates a unique market experiment that will likely influence cryptocurrency’s institutional acceptance regardless of ultimate performance outcomes.
