Trump Media & Technology Group (NASDAQ:DJT) just lobbed a crypto grenade into Wall Street. The company behind Truth Social has filed to launch the Truth Social Bitcoin ETFa spot bitcoin fund that would directly hold Bitcoin (BTC-USD) and trade on NYSE Arca if greenlit. Operated by Yorkville America Digital, a self-branded America-first asset manager, the ETF filing signals DJT’s latest effort to ride the Bitcoin wave as prices hover above $100,000. This comes on the heels of a $2.5 billion capital raise$1.5 billion in equity, another $1 billion in convertible bondsaimed squarely at building a bitcoin treasury.
But this move isn’t just financialit’s political theater too. Since returning to the White House, Trump has taken a wrecking ball to Biden-era crypto restrictions. The SEC, now chaired by crypto-friendly Paul Atkins, has dropped multiple cases against digital asset firms. Meanwhile, Donald Trump Jr. told a packed Bitcoin conference that crypto is now a huge part of everything we do. The Trump family has leaned hard into the narrativehosting gala dinners for $TRUMP token holders, publicly promoting World Liberty Financial (their soon-to-launch official wallet), and positioning crypto as a core part of the new America-first economic agenda.
Still, this ETF is stepping into a war zone. BlackRock’s bitcoin fund has ballooned to $69 billion. Fidelity and Bitwise are also miles ahead, with products already cemented in the institutional playbook. Dave Nadig, an ETF veteran, was blunt: the Truth Social Bitcoin ETF may get media attention, but long-term asset flows? That’s a tough hill to climb. Even Trump’s die-hard supporters might hesitate when institutional-grade alternatives are already flooding the market.
This article first appeared on GuruFocus.
