Truth Social Aims to Launch Spot Bitcoin ETF with SEC Approval

Truth Social, the social media platform backed by former President Donald Trump, is making significant strides in the cryptocurrency space by seeking regulatory approval for a spot Bitcoin ETF. The platform has partnered with NYSE Arca, a division of the New York Stock Exchange, to submit a Form 19b-4 to the U.S. Securities and Exchange Commission (SEC). The proposed ETF, named the Truth Social Bitcoin ETF, is designed to track Bitcoin's price performance, offering investors a new avenue to gain exposure to the leading cryptocurrency. This move comes at a time when Bitcoin's price stands at 104,487.45 USDT, reflecting the growing institutional interest in digital assets. The approval of this ETF could mark a pivotal moment for Bitcoin's mainstream adoption, further solidifying its role in the financial sector. As of June 4, 2025, the cryptocurrency community eagerly awaits the SEC's decision, which could set a precedent for future crypto-based financial products.

Truth Social Seeks SEC Approval for Spot Bitcoin ETF Launch

Truth Social, the social media platform backed by former President Donald Trump, is advancing plans to introduce cryptocurrency-based exchange-traded funds in the U.S., beginning with a spot Bitcoin ETF. NYSE Arca, a division of the New York Stock Exchange, has submitted a Form 19b-4 to the Securities and Exchange Commission for a fund designed to track Bitcoin's price performance.

The proposed ETF, named the Truth Social bitcoin ETF, aims to reflect Bitcoin's price movements before accounting for expenses and liabilities. This move follows the SEC's approval of nearly a dozen Bitcoin ETFs earlier this year, which marked the most successful ETF launch in history by attracting investors seeking regulated exposure to crypto markets.

Yorkville America Digital, a crypto asset manager partnered with Trump Media & Technology Group, filed the application on behalf of Truth Social. Foris DAX Trust Company is slated to serve as the fund's custodian if regulatory approval is granted.

Coinbase CEO Warns Bitcoin Could Replace Dollar as Reserve Currency Amid U.S. Debt Crisis

Brian Armstrong, CEO of Coinbase, has posited that Bitcoin (BTC) could supplant the U.S. dollar as the world's reserve currency if Congress fails to address the nation's escalating debt crisis. The U.S. national debt, now hovering NEAR $37 trillion, has sparked concerns about the dollar's long-term stability.

Armstrong emphasized the dual importance of Bitcoin's potential and America's financial health in a June 3 post on X: "I love Bitcoin, but a strong America is also super important for the world. We need to get our finances under control." His remarks coincide with House Republicans passing a controversial fiscal bill that extends tax cuts while slashing social programs, a MOVE criticized by Nobel laureates for exacerbating inequality and adding $3 trillion to the deficit.

Bitcoin Solaris Introduces Mobile Mining Protocol with Smartphone Capabilities

Bitcoin Solaris is pioneering a mobile mining protocol that turns smartphones into functional mining devices, challenging traditional notions of cryptocurrency mining. The Nova App, currently in late-stage development, enables users to earn token rewards by contributing idle storage and light CPU cycles. Independent audits confirm its viability.

The protocol leverages a dual-layer blockchain with Helios consensus—a hybrid system combining Proof-of-Stake, Proof-of-Capacity, Proof-of-History, and Proof-of-Throughput. This architecture achieves over 10,000 transactions per second with two-second finality, consuming 99.95% less energy than Bitcoin's Proof-of-Work model.

Unlike simulated mining or airdrop schemes, Bitcoin Solaris offers native protocol-level validation. The system requires just 1–5GB of storage, making it accessible to mainstream users without specialized hardware. Early estimates suggest annual earnings could exceed $8,000 per device, though real-world performance remains untested.

South Korea Elects Pro-Crypto President Lee Jae-Myung with a Wide Margin

Lee Jae-myung, South Korea's newly elected president, has secured a decisive victory with 48% of the vote, marking a significant shift in the country's stance toward digital assets. His campaign prioritized cryptocurrency regulation, including plans to lift the ban on spot Bitcoin ETFs and permit state-backed pension funds to invest in crypto. This move could unlock portions of South Korea's $884 billion pension fund for bitcoin and other digital assets.

The election reflects growing public support for pro-crypto policies, as noted by Dennis Porter of the Satoshi Action Fund, who called the turnout "phenomenal." While previous pro-crypto leaders in South Korea faced political hurdles, the global trend toward institutional adoption may bolster Lee's agenda.

The local crypto community views this as a watershed moment, with retail investors particularly optimistic about the potential for broader market participation. Lee's balanced approach to regulation contrasts with past failures, suggesting a more favorable environment for digital asset growth in South Korea.

Bitcoin Derivatives Show Cautious Market Sentiment Despite All-Time Highs

Bitcoin's derivatives market reflects a cautious stance among traders even as the cryptocurrency trades near record levels. CME Group's Bitcoin futures open interest has risen modestly but remains well below previous peaks, signaling restrained institutional participation.

Offshore perpetual markets tell a different story, with open interest approaching late 2024 highs. However, ambiguous funding rates in these markets create potential for violent liquidations and bidirectional volatility spikes. The overall derivatives landscape has cooled since May, with perpetual futures open interest dropping by 15,000 BTC.

Seasonal patterns may be at play. The 'sell in May and go away' adage from traditional markets appears to be influencing crypto trader behavior, with reduced activity typically continuing through summer months. Notably, Leveraged ETF activity on CME suggests some institutional players remain engaged despite the broader caution.

BlackRock's Bitcoin ETF Records Largest Outflow Amid Market Retreat

BlackRock's spot Bitcoin ETF, IBIT, saw $430.8 million in outflows—its largest single-day withdrawal since launch—after transferring 4,113 BTC ($429 million) to Coinbase Prime. The move triggered a broader market retreat, with eleven spot Bitcoin ETFs posting combined net outflows of $616 million over two consecutive days.

The transaction marks BlackRock's first notable sell-off since entering the crypto space, raising questions about its long-term strategy. CEO Larry Fink, who built BlackRock into a financial powerhouse after the 2008 crisis, has historically prioritized control—a trait now extending to the firm's measured crypto maneuvers.