Trump Media Technology Group has submitted an S-1 amendment, just one step away from launching a Spot Bitcoin ETF.

Trump Media Technology Group (TMTG) has submitted its first amended registration statement for the Truth Social Bitcoin Spot ETF to the SEC (, advancing its plans to enter the rapidly rising Bitcoin ETF market. The ETF plans to list on NYSE Arca under the ticker B.T., and will be exclusively custodied and executed by a mainstream CEX, using a mixed structure of 70% Bitcoin + 30% traditional assets. This move is part of TMTG's broader Bitcoin strategy, which includes establishing corporate Bitcoin reserves and expanding digital asset products. If approved by the SEC, it will enter a fiercely competitive market dominated by giants like BlackRock, and will have a unique political dimension due to its close association with Trump.

TMTG submits revised registration statement to advance Bitcoin Spot ETF plan Trump Media and Technology Group, TMTG ) has submitted its first revised registration statement for its Truth Social Bitcoin ETF to the United States Securities and Exchange Commission ( SEC ), marking a key advancement in its plans to enter the rapidly rising Spot Bitcoin ETF market. This updated filing is an important step in seeking SEC approval, aimed at providing cryptocurrency investors with regulated Spot Bitcoin exposure.

ETF structure and key partner details revealed According to the document, this ETF planned to be listed on NYSE Arca, with the trading code B.T., will directly hold Bitcoin (BTC) and track its market price. Mainstream CEX has been designated as the exclusive accomplice, primary executing agent, and liquidity provider. Yorkville America Digital will serve as the sponsor of the ETF. It is worth noting that the fund employs a unique 70/15/15 asset allocation strategy: 70% is invested in Bitcoin Spot, 15% allocated to U.S. Treasury securities, and the remaining 15% in cash or cash equivalents, aiming to balance the high volatility of cryptocurrencies with the stability of traditional financial instruments, catering to the needs of investors with different risk preferences.

Listing time to be determined, annual target clear The final listing of the ETF is still subject to SEC approval of the amended S-1 registration statement and a separate 19b-4 listing application form. Although the company has not provided a specific issuance date, it has clearly stated that the goal is to launch the fund by the end of 2024. The crypto community is closely watching its approval process and potential listing timeline.

Integrating TMTG into a grander Bitcoin strategic landscape TMTG is the parent company of the Truth Social social media platform, the streaming service Truth+, and the fintech brand Truth.Fi. The company states that this Spot Bitcoin ETF is an important part of its broader, Bitcoin-centric corporate strategy. This strategy includes establishing a corporate-level Bitcoin Treasury (Bitcoin Treasury) and expanding its digital asset product line through its financial services division. On-chain data shows that TMTG has invested a significant amount of capital in Bitcoin acquisitions this year, becoming one of the more aggressive players in the corporate world entering the crypto space, aiming to attract the attention of Bitcoin whales and institutional investors.

If approved, it will face intense competition from numerous giants Once approved by the SEC, the Truth Social Bitcoin ETF will enter an exceptionally competitive market. This space is currently dominated by heavyweight issuers such as BlackRock. Since the approval of the first spot Bitcoin ETFs in the U.S. in January of this year, BlackRock's products have attracted billions of dollars in inflows and set multiple records. These spot Bitcoin ETFs have drawn mixed inflows from institutional and retail investors seeking regulated Bitcoin exposure without the need for self-custody. New entrants will need to challenge the existing giants in terms of liquidity building and investor trust.

The unique political dimension and market impact brought by Trump associations This application document also highlights the political dimension of TMTG's crypto ambitions. As the company's major shareholder, former U.S. President Donald Trump has prioritized digital assets in his policy agenda, pledging to reverse what he calls "restrictive cryptocurrency regulations" and promote America's leadership in the crypto economy. A Spot Bitcoin ETF associated with a high-profile political brand like Trump would be unprecedented in the market. This could attract a unique group of "Trump concept" investors, but it may also intensify scrutiny from the public and regulators on the product, especially in the context of the upcoming U.S. elections and the focus on cryptocurrency regulatory policies.

Seize the opportunity of mainstreaming, differentiation is key The submission of this revised document comes at a time when Spot Bitcoin ETF is increasingly being accepted by mainstream financial institutions. Although the SEC has approved several similar products this year, new entrants face the challenge of establishing sufficient liquidity and investor trust in a market already served by mature issuers. The competitive landscape requires new ETFs to find a clear differentiation positioning, and the unique brand background and asset allocation strategy of Truth Social ETF will be key highlights in its pursuit of market share.

(Conclusion: ) Trump's Media Technology Group's push for its Spot Bitcoin ETF not only marks an important layout for the company in the digital asset field but also adds new variables to the already heated Bitcoin ETF market. Its unique political relevance and mixed asset allocation strategy make it a focal point for subsequent market attention. However, whether it can ultimately succeed in entering the market and attract funds from crypto investors and supporters of the "Trump concept" still needs to overcome the dual challenges of SEC approval and fierce competition. Crypto market participants are closely monitoring its progress and the potential impact it may have on the broader cryptocurrency regulatory environment.

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