NYSE Arca Filed to List a Truth Social Bitcoin ETF

NYSE Arca filed a proposed rule change with the Securities and Exchange Commission on June 3, 2025 to list and trade shares of the Truth Social Bitcoin ETF, B.T. The filing placed the Truth Social-branded product into the formal exchange-review process governing commodity-based trust shares.

The development mattered because it converted a previously announced commercial partnership into a concrete regulatory submission. It also attached a prominent political-media brand to the regulated spot-Bitcoin product market that had developed after the SEC approved exchange rule changes for a group of spot Bitcoin exchange-traded products in January 2024.

The June 3 submission was not an SEC approval, an effective securities registration or a trading launch. It was NYSE Arca’s request for permission to list the proposed shares under Rule 8.201-E.

What the exchange proposed

The filing identified Yorkville America Digital, LLC as the sponsor and described the proposed fund as a Nevada business trust. Each share would represent a fractional beneficial interest in the trust’s net assets, which were expected to consist primarily of Bitcoin held for the trust.

Foris DAX Trust Company, LLC was named as the Bitcoin custodian. The filing separately identified Foris DAX, Inc. as the liquidity provider responsible for facilitating Bitcoin purchases and sales associated with cash creations and redemptions. Those are distinct operational roles even though both entities carried the Foris name.

The proposed investment objective was to reflect generally the performance of Bitcoin’s price before the trust’s expenses and liabilities. Net asset value would use the CF Benchmarks Index, a once-daily U.S.-dollar Bitcoin benchmark calculated at 4:00 p.m. Eastern time from trading activity observed between 3:00 p.m. and 4:00 p.m. Eastern time across constituent platforms.

That benchmark specification was a valuation mechanism, not a promise that investors could trade at the published value. Market prices for the shares could diverge from net asset value, while execution costs and the trust’s expenses could affect returns.

Authorized participants would deliver and receive cash rather than Bitcoin when creating or redeeming shares. The filing specified baskets of 10,000 shares or integral multiples and said at least 100,000 shares would be outstanding when exchange trading commenced. Retail shareholders would trade individual shares in the secondary market rather than transact directly with the trust.

From partnership announcement to regulatory process

Trump Media and Technology Group, the operator of Truth Social, had disclosed on April 22, 2025 that it signed a binding agreement with Crypto.com and Yorkville America Digital concerning a planned group of Truth.Fi-branded exchange-traded products. The June 3 filing supplied the first formal exchange-listing step for the Bitcoin-only product described under the Truth Social name.

NYSE Arca argued that the trust would operate materially like the spot Bitcoin products covered by the SEC’s January 2024 approval order. Its submission relied in part on the surveillance relationship involving CME Bitcoin futures that had figured in the SEC’s earlier analysis of fraud and manipulation concerns.

That was the exchange’s legal argument, not a Commission conclusion about this particular fund. The SEC still had to evaluate whether the proposal complied with the Exchange Act, including requirements intended to prevent fraudulent and manipulative practices and protect investors.

What remained unresolved on June 3

The filing said the trust expected to file a Form S-1 registration statement and expressly noted that the registration was not yet effective. Consequently, the June 3 record established neither a launch date nor regulatory clearance. It also established no assets under management, investor inflows, trading volume or operating history.

No Bitcoin price or market-reaction claim can be reliably attributed to the submission from the cited records. Crypto markets trade continuously and respond to overlapping macroeconomic, regulatory and positioning factors; the filing alone cannot establish price causation.

The defensible event-day conclusion is narrower: on June 3, 2025, NYSE Arca formally asked the SEC to permit trading of a Truth Social-branded spot Bitcoin trust, moving the proposal into the regulated exchange pipeline while leaving approval and launch unresolved.