A company backed by the President of the United States has filed with the U.S. Securities and Exchange Commission (SEC) for a joint Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF).
According to a new S-1 Filing with the SEC, President Trump’s Truth Social, a social media network, has filed for a new BTC/ETH ETF.
States the filing,
“The purpose of the Trust is to own bitcoin and ether transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust.
The assets of the Trust consist primarily of bitcoin and ether held by the Bitcoin and Ether Custodian on behalf of the Trust.”
The fund is sponsored by Yorkville America Digital, and crypto custody will be handled by Foris DAX Trust Company, LLC, which is connected digital asset exchange Crypto.com.
Last month, Trump reportedly blackballed a lobbying firm for allegedly manipulating him into posting on social media about XRP.
In early March, Trump announced on his Truth Social platform that he directed the Presidential Working Group on Digital Asset Markets “to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.”
Politico, citing “two people familiar with the incident,” reported that Trump was goaded into making the post by an employee of the lobbying firm Ballard Partners. The unnamed employee reportedly “buttonholed” Trump at Mar-a-Lago and encouraged him multiple times to publish the post, even providing him with the text of a message she thought the president should write.
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