Truth Social operator Trump Media has submitted an amended S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for its proposed spot Bitcoin exchange-traded fund (ETF). The amendment, filed on August 11, 2025, did not include critical details such as the fund’s fee structure or ticker symbol, drawing scrutiny from industry analysts.
Bloomberg Intelligence ETF analyst Eric Balchunas highlighted the absence of a fee schedule and ticker designation, questioning how Trump Media plans to differentiate its ETF amid a crowded market of low-cost products from BlackRock, Fidelity, Grayscale and others. The amendment did, however, expand disclosures on the fund’s operational and risk management procedures.
Custody and Sponsorship Arrangements
Under the amended filing, Crypto.com will serve as the ETF’s Bitcoin custodian and liquidity provider, while Yorkville America Digital will act as the fund sponsor. These partnerships leverage established infrastructure and compliance expertise to support an eventual listing on NYSE Arca pending SEC approval of both the S-1 and Form 19b-4.
Enhanced Risk Disclosures
The updated S-1 includes new sections on handling incidental rights such as airdrops and clarifies policies following hard forks. A newly added discussion addresses stablecoin risks, reflecting recent policy developments such as the 2025 GENIUS Act. The filing also restated the trust agreement to incorporate these changes and updated benchmark and index provider information.
Market insiders view the late entry of Trump Media’s ETF as a challenge given the competitive landscape. However, the firm may seek to attract investors through differentiated fee pricing or unique governance provisions. Final SEC approval and subsequent listing would mark a high-profile intersection of politics and crypto asset management.
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