Trump Media Files for Dual Bitcoin and Ethereum ETF Amid Scrutiny

Trump Media & Technology Group has taken another step into the digital asset space, filing to launch a new cryptocurrency exchange-traded fund (ETF) that would directly hold both Bitcoin and Ethereum. The move positions the company as an active player in the growing crypto ETF market, but it also raises concerns about political entanglements and potential conflicts of interest.

ETF to Hold 75% Bitcoin, 25% Ethereum

According to a June 24 filing with the U.S. Securities and Exchange Commission (SEC), the proposed ETF, set to trade under the ticker symbol B.T. – will allocate 75% of its holdings to Bitcoin and 25% to Ethereum. The product is structured as a commodity-based trust and aims to offer streamlined exposure to the two largest cryptocurrencies by market capitalization.

Yorkville America Digital is named as the sponsor of the trust, while Foris DAX Trust Company, an affiliate of Crypto.com, will act as the custodian for both crypto assets. The ETF’s crypto holdings will be stored in cold wallets, with Crypto.com also providing execution, staking, and liquidity services.

Regulatory Process Underway

The ETF proposal was submitted through Form 19b-4, a standard application used to seek SEC approval for listing a product on a national securities exchange. The ETF would be traded on NYSE Arca, pending regulatory clearance. A previous Form S-1 filing submitted on June 16 outlines disclosure and structural details for the public offering. Both filings must be approved before the ETF can launch.

The SEC now has up to 240 days to deliver a final decision on the listing, though it typically issues an initial response within 45 days.

Follows Earlier Bitcoin-Only ETF Proposal

This dual-asset ETF is Trump Media’s second such proposal in less than a month. On June 3, the company filed a separate application for the Truth Social Bitcoin ETF, which would offer exposure to Bitcoin only. That application, also utilizing Crypto.com and Yorkville America Digital, is currently under review by the SEC, with a final decision expected by January 29, 2026, if the full review period is used.

Crypto Strategy Expands With Treasury Plans

The ETF proposals are part of a broader digital asset strategy for Trump Media. In May, the company announced plans to raise $2.5 billion to establish a Bitcoin treasury, marking one of the most ambitious crypto treasury initiatives by a public company to date.

These developments suggest that Trump Media aims to integrate cryptocurrency into its long-term financial model, offering both investment products and holding crypto on its balance sheet.

Potential Conflicts of Interest Draw Criticism

While the filings have drawn interest from investors, they have also prompted criticism. Some analysts and political commentators have flagged potential conflicts of interest, given that Donald Trump remains an active political figure while his namesake company seeks to capitalize on crypto markets.

Critics argue that Trump’s public endorsements of cryptocurrency—combined with his company’s financial stakes in digital assets—could create blurred lines between public policy and private business. The situation is particularly sensitive as crypto regulation remains a live issue in U.S. politics.

Outlook

If approved, the Truth Social Bitcoin and Ethereum ETF would mark a notable addition to the U.S. spot crypto ETF landscape, which has grown rapidly in recent months. The proposal follows strong investor interest in spot Bitcoin ETFs and growing institutional appetite for diversified crypto exposure.

However, the final decision rests with the SEC, which must weigh the merits of the application alongside its broader regulatory mandate—and any political ramifications that may arise.