The first Bitcoin spot ETF initiated by a social platform: Trump's Truth Social enters crypto finance

Truth Social, the media platform led by US President Donald Trump, has officially entered the crypto asset market. According to the latest documents disclosed by the US Securities and Exchange Commission (SEC), Trump Media Technology Group (TMTG) has submitted an application for a Bitcoin spot exchange-traded fund (ETF) to NYSE Arca through its partner. The application aims to launch a fund that directly tracks the performance of Bitcoin spot prices. If approved, Truth Social will become the first social media platform in the world to submit such an application.

According to the content of the document, the ETF will not rely on Bitcoin futures or derivatives, but will directly hold Bitcoin spot assets. This structure can be closer to market prices and provide investors with direct exposure to Bitcoin. Details such as asset custody, security mechanisms, and management fees will be further explained by subsequent supplementary materials.

The timing of this application submission is quite strategic. Since Trump was elected president in 2024, his government has gradually shown a more open attitude towards the crypto industry, including promoting the formulation of a clear regulatory framework and encouraging Bitcoin to become a national strategic asset. In this context, Truth Social's ETF application is not only a business expansion, but can also be seen as a direct extension of the president's policy stance.

It is worth noting that in early 2024, the United States has approved Bitcoin spot ETFs from multiple institutions including BlackRock and Fidelity. Such products have successfully introduced a large amount of traditional capital and accelerated the mainstreaming of crypto assets. Now, with the president's own company involved in this field, this trend may further heat up.

Industry analysts believe that if Truth Social's ETF is approved by the SEC, it will not only bring more financial attributes to the platform, but may also attract a large number of crypto users and Trump supporters to participate in the investment. In the future, the path of integration between social platforms and crypto finance may open up a new situation.