NYSE Arca, a subsidiary of the NYSE Group, Inc., submitted a proposed rule change with the United States Securities and Exchange Commission (SEC) under Form 19b-4 on Tuesday to list the Truth Social Bitcoin exchange-traded fund (ETF).
Sponsored by Yorkville America Digital, LLC, the proposed fund holds Bitcoin custodied by the Foris DAX Trust Company, the filing revealed. Back in April, Trump Media and Technology Group Corp., the parent company of Truth Social, partnered up with Crypto.com and Yorkville America Digital, described in a press release at the time as "an America-First asset management firm," to launch crypto ETFs.
Form 19b-4 is a crucial procedural step in acquiring the SEC's approval to begin listing and trading assets on a US exchange. The Truth Social Bitcoin ETF "seeks to reflect generally the performance of the price of bitcoin" and offer an easier way for investors to gain exposure without holding the asset directly, as per the filing.
