Trump Media Bets on Bitcoin with Truth Social ETF Play—Wall Street Braces for the Meme-Fueled Ride

Love it or hate it, the Trump brand is diving headfirst into crypto. The newly rebranded Trump Family Media Group just filed paperwork for a Bitcoin ETF tied to its Truth Social platform—because what’s a 2025 market cycle without a little political theater?

The move signals a risky pivot toward digital assets for the conservative media darling, though skeptics note it’s easier to file an ETF than to actually get it approved. (See also: every crypto startup’s ‘partnership’ press release.)

Wall Street’s already placing bets on whether this becomes the first ETF to moon based purely on retail sentiment—or if it’ll crash harder than a Trump NFT on OpenSea. Either way, the SEC’s inbox just got more entertaining.

Another Spot Bitcoin ETF

Foris DAX Trust Company will be the custodian of the digital assets, according to the filing, which did not mention the ticker or fees for the new fund. Trump Media had previously applied for trademarks related to Bitcoin investment products that align with the president’s policy priorities.

The spot Bitcoin ETF WOULD join more than 60 US funds tied to BTC, though this would buy the asset and track its price like the eleven already approved and trading ETFs.

Bloomberg Intelligence senior ETF analyst Eric Balchunas said, “On one hand, this is pretty uncharted territory and a huge endorsement of Bitcoin from Trump’s company,” before adding:

“But on the other hand, it’s a routine filing in a very crowded category, and it will have its work cut out to attract flows and liquidity.”

Critics have raised concerns about potential conflicts of interest, given Trump’s dual role in setting cryptocurrency policy while potentially benefiting financially from related businesses.

However, the WHITE House has stated that Trump is separated from businesses bearing his name, and he has transferred his Trump Media shares to a trust controlled by his son.

Bitcoin Funds Surging

American spot Bitcoin ETFs have been wildly successful since their launch 18 months ago and have seen a cumulative $44.4 billion in net inflows so far.

Balchunas highlighted that industry-leading BlackRock’s IBIT ETF is the youngest by a long way to enter the top 25 funds. “It’s like an infant hanging out with teenagers and twenty-somethings,” he said.

Here’s a table of the Top 25 biggest ETFs and their age. At 1.4 yrs old $IBIT is youngest on list by NINE times. It’s like an infant hanging out with teenagers and twenty-somethings. Quite poss the most insane IBIT stat yet (and there are many) via @SirYappityyapp pic.twitter.com/w63XSkD7f6

— Eric Balchunas (@EricBalchunas) June 3, 2025

The analyst also predicted that the BlackRock fund is likely to surpass Satoshi Nakamoto as the world’s biggest Bitcoin holder by the end of next year. This is a “testament to the power of convenience, low cost, liquidity, and trust that the ETF brings to the table,” he said.

The eleven spot ETFs in the US were on course to reverse a three-day outflow streak with an inflow of $375 million on June 3, according to preliminary data.