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In a significant move towards the cryptocurrency market, Yorkville America Digital has filed an application for the Truth Social Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). This move comes on the heels of a New York Stock Exchange Arca filing for a rule change intended to facilitate the listing of the fund.

The Truth Social Bitcoin ETF is being introduced by Yorkville America Digital, a company notable for working with the Trump Media & Technology Group and Crypto.com. They aim to launch a suite of "America First" funds including the America First Bitcoin Fund (AFBF), the America First Blockchain Leaders Fund (AFBLF), and the America First Stablecoin Income Fund. However, at this point, the Truth Social Bitcoin ETF is the sole entity to have an S-1 registration statement filed.

Yorkville has registered the fund as a Nevada business trust, diverging from the more common Delaware statutory trust structure often seen with ETFs. This choice may present unique legal implications but sets the fund apart in the crowded ETF landscape.

The SEC filing indicates that Foris DAX Trust Company will act as the Bitcoin custodian for the fund. Interestingly, this differs from existing spot Bitcoin ETFs like iShares Bitcoin Trust and Fidelity Bitcoin Trust, which use Coinbase Custody and Fidelity Digital Assets. The S-1 document does not reveal details about cash custodians, transfer agents, or trust administrators, and a ticker symbol has yet to be assigned.

Yorkville America Digital didn't immediately respond to requests for further comments. The filing illustrates a new trajectory for the Trump Media & Technology Group in the cryptocurrency space, following the group's earlier ventures into NFT collections and the Official Trump meme coin.

The Trump family's foray into digital assets also includes a significant interest in World Liberty Financial. Although President Trump's involvement appears to be more of a supportive role, his sons Eric and Donald Jr. are directly linked to the project. Their company, DT Marks DeFi LLC, holds a 60% ownership stake in World Liberty Financial, marking another notable endeavor in the fast-evolving world of digital finance.