Donald Trump’s social media company Truth Social is wasting no time trying to launch Spot Bitcoin
BTC$104,237.83
Exchange-Traded Fund (ETF).
Crypto Asset Manager Yorkville America Digital, which sponsors the fund, filed the S-1 document in the S-1 Document (SEC) on Thursday, just two days after filing the 19B-4 Document.
Typically, the issuer will upload the S-1, the document used to register the provision of asset support securities first. For listing exchanges, submit a 19B-4. This is necessary to propose rules changes by self-regulatory organizations (SROs). However, NYSE ARCA, a New York Stock Exchange arm, uploaded the documents before Truth Social submitted its own documents.
For reasons unknown, 19-B4 filing links the SEC to a strict 240-day deadline to approve or reject the filing, but the agency does not have to comply with the deadline when the S-1 is filed.
If approved and listed, Trump’s Bitcoin ETF will be exchanged under the name Social Bitcoin ETF, the truest thing that the assets are being detained by the Foris Dax Trust Company, which also serves as the manager of crypto.com assets.
The fund will join a long list of existing spot Bitcoin ETFs from publishers such as BlackRock, Grayscale, Fidelity, and Franklin Templeton. BlackRock’s iShares Bitcoin Trust (IBIT) has become one of the most successful ETF launches in US ETF history, with nearly $70 billion in assets since its launch.
