Breaking: President Trump’s Truth Social Files S-1 for Bitcoin ETF

US President Donald Trump’s media platform Truth Social submitted an S-1 with the U.S. Securities and Exchange Commission (SEC), as per a filing on Thursday.

This happened a day after NYSE Arca submitted a filing to the U.S. SEC seeking regulatory approval to list the Truth Social Bitcoin ETF.

At the time of writing, stock price of Trump Media & Technology Group (DJT), which owns Truth Social, saw its price dropped by 2.36% at $21.36.

Truth Social Bitcoin ETF Files S-1 With the SEC

According to an S-1 filing with the U.S. SEC on June 5, US President Donald Trump’s social media firm Truth Social and sponsor Yorkville America Digital provided more details about the proposed Bitcoin ETF.

The latest filing did not revealed must anticipated details, such as fees and ticker. However, other information about NAV, trusts and seed capital opportunity were in detail.

Moreover, Foris DAX Trust Company is selected as custodian and CME CF Bitcoin Real Time Index will provide updated Bitcoin price. This is similar to how other spot Bitcoin ETFs track prices. As per the initial S-1 prospectus,

“The Trust is intended to provide a way for Shareholders to obtain exposure to bitcoin by investing in the Shares rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset platform.”

ETF Experts on the Latest Filing

Eric Balchunas, senior ETF analyst at Bloomberg, pointed out to the risk section, which for the first time mentioned about regulatory uncertainty or headwinds.

This included how President Trump launched crypto task force and Bitcoin strategic reserve. He commented, “Pretty sure the first time ever the advisor is in the risk section.. it’s all so surreal.”

Bitwise Invest’s president Teddy Fusaro and Accelerate CEO Julian Klymochko were disappointed to see the ticker and fee not mentioned in the filing.

Moreover, other experts noted that the filing avoided direct mention of President Donald Trump’s name. It focused on the Trust Social brand to attract investors.

The SEC has 45 days since the 19b-4 filing to approve or deny the filing, but can extend it to another 45 days.

Bitcoin Price Holds Above $105K

BTC price jumped 0.3% in the last 24 hours, with the price trading at $105,464 at the time of writing.

The 24-hour low and high were $104,232 and $105,936, respectively. Bitcoin bulls continue to hold price above $105K.

Furthermore, the trading volume decreased by 12% in the last 24 hours, indicating a decline in interest among traders. This decline happened as traders adjusted positions ahead of weekly Bitcoin expiry.

US Initial jobless claims rose to 247,000, the highest level since October last year, which signaled potential softening in the labor market. Traders now eye Friday’s key jobs report for further insight into the strength of the labor market.

Bitcoin recorded selling pressure in the derivatives market, as per Coinglass data. At the time of writing, total BTC futures open interest dropped 1.28% on CME, 0.61% on Binance, and 1.27% on OKX in just an hour.

The post Breaking: President Trump’s Truth Social Files S-1 for Bitcoin ETF appeared first on The Coin Republic.