While most corporate treasuries content themselves with the pedestrian diversification of bonds and blue-chip equities, Trump Media & Technology Group has announced a rather more audacious financial gambit: a $2.4 billion capital raise specifically earmarked for building a Bitcoin treasury, accompanied by the ambitious launch of politically branded cryptocurrency exchange-traded funds that would make even the most crypto-enthusiastic CFO pause mid-sip of their morning coffee.
Even the most crypto-enthusiastic CFO would pause mid-sip at Trump Media’s audacious $2.4 billion Bitcoin treasury gambit.
The NYSE filed a proposed rule change on June 25, 2025, to list the Truth Social Bitcoin and Ethereum ETF—a dual-asset fund maintaining a 75-to-25 ratio between bitcoin and ethereum respectively. This strategic allocation reflects a three-to-one value ratio, with Crypto.com handling custody, liquidity provisioning, and execution services while Foris DAX Trust Company assumes custodial responsibilities. The filing proceeds under the SEC’s 19b-4 process, though regulatory approval remains tantalizingly uncertain.
Beyond this initial offering, Trump Media envisions an entire constellation of politically branded crypto products: the America First Bitcoin Fund, America First Blockchain Leaders Fund, and America First Stablecoin Income Fund. These products explicitly target supporters of the “America First” agenda, merging political identity with cryptocurrency investing in ways that traditional fund managers might find either brilliant or bewildering. The underlying infrastructure leverages smart contracts on blockchain networks to facilitate these complex financial instruments without traditional banking intermediaries.
The company has simultaneously announced plans to repurchase up to $400 million in shares, suggesting an extensive capital allocation strategy that encompasses both crypto accumulation and traditional shareholder returns. Despite the substantial fundraising, no confirmed bitcoin or ether purchases have materialized yet, leaving observers to wonder whether this represents careful deliberation or strategic hesitation.
If approved, this ETF could establish a precedent for politically affiliated cryptocurrency funds within mainstream finance, potentially inspiring similar products across the political spectrum. The NYSE’s willingness to accommodate these rule changes signals substantial institutional backing, while Trump Media’s crypto initiatives amplify the political dimensions of cryptocurrency trading. The SEC has acknowledged the proposed rule change with particular emphasis on preventing fraudulent and manipulative practices within the cryptocurrency market.
With Trump as majority stakeholder and Yorkville America Digital serving as sponsor, this venture represents perhaps the most significant intersection of political branding and cryptocurrency investment to date—a development that Wall Street watches with equal measures of fascination and trepidation.
