The convergence of social media ambitions and cryptocurrency ETFs has produced yet another filing with the Securities and Exchange Commission, as Trump Media and Technology Group—the company behind Truth Social—submitted an S-1 registration statement on June 16, 2025, for a dual Bitcoin and Ether exchange-traded fund. This latest venture positions TMTG alongside established players like BlackRock, Grayscale, and Fidelity in the increasingly crowded crypto ETF landscape, though with a decidedly unconventional approach that marries political branding with digital asset management.
Political branding meets digital asset management as Trump Media enters the increasingly commoditized crypto ETF battlefield.
The proposed fund’s structure allocates 75% to Bitcoin and 25% to Ether, a weighting that reflects Bitcoin’s market dominance while acknowledging Ethereum’s institutional relevance.
Unlike the proliferation of single-asset offerings that have dominated the space, TMTG’s combined approach targets investors seeking diversified crypto exposure without the operational complexities of direct ownership.
The ETF shares will be directly backed by the underlying cryptocurrencies held in custody, with performance tied to the price movements of both assets.
Crypto.com emerges as the critical infrastructure partner, assuming roles as exclusive custodian, prime execution agent, and liquidity provider through its institutional arm, Foris DAX Trust Company.
This extensive relationship extends beyond mere custody to include staking operations and market-making functions, though cash custodian details remain conspicuously absent from the initial filing.
The partnership represents a significant institutional endorsement for Crypto.com‘s enterprise services, particularly given the regulatory scrutiny surrounding Trump-affiliated ventures.
The filing follows TMTG’s previously announced $2.5 billion Bitcoin treasury acquisition and a separate standalone Bitcoin ETF registration from earlier in June, suggesting a broader fintech strategy that leverages the Trump brand’s cultural resonance. The company’s expansion into financial services operates under the Truth.Fi brand, marking its entry into the FinTech sector alongside its existing social media and streaming platforms. TMTG has explored launching a utility token for subscription payments as part of its cryptocurrency ecosystem integration.
The timing coincides with the Trump family’s crypto interests through World Liberty Financial, which maintains 96% of its assets on the Ethereum blockchain—a detail that adds context to the ETF’s dual-asset structure.
Success hinges on SEC approval for both the registration statement and the requisite Form 19b-4 filing for NYSE Arca listing.
Given the $131 billion in assets under management across existing Bitcoin ETFs, TMTG faces the challenge of differentiating its offering in an increasingly commoditized market where brand recognition may prove as valuable as fund mechanics.
