Truth Social, a social media platform supported by President **Donald Trump**, has applied for a spot Bitcoin (BTC) exchange-traded fund (ETF) with the U.S. SEC. The goal is to list and trade shares of the Truth Social Bitcoin ETF on the NYSE Arca Exchange.
The Truth Social Bitcoin ETF will be overseen by Foris DAX Trust Company, LLC, allowing investors cash settlement only. This move follows Trump Media and Technology Group’s raise of $2.5B for a Bitcoin treasury management plan.
The filing of the Truth Social Bitcoin ETF resonates with the crypto agenda of President Donald Trump. The Trump Organization and the Official Trump Meme ($TRUMP) have notably influenced the adoption of digital assets.
Institutional investors continue to show significant interest in Bitcoin as protection against inflation and economic uncertainty. Current data from BitcoinTreasuries reveals that 223 entities hold over 3.39 million BTCs for treasury management.
The growing demand for Bitcoin from institutional investors has boosted bullish sentiment. A recent bounce from a key support/resistance level near $104k suggests that BTC price is gearing up for a new all-time high rally.
However, a sustained drop below $103,336 in the near future may postpone the expected surge.
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