While most financial institutions tiptoe cautiously around crypto ETF launches with armies of compliance officers and carefully worded disclaimers, Trump Media & Technology Group has characteristically chosen the more audacious path—filing for a Bitcoin-Ethereum composite ETF that would trade under the ticker “B.T.” and operate through its Truth Social platform.
The proposed fund would maintain a 3:1 Bitcoin-to-Ethereum ratio by value (approximately 75% and 25% respectively), offering retail investors exposure to both dominant cryptocurrencies through traditional brokerage accounts. Foris DAX Trust Company—Crypto.com’s custody arm—handles the actual digital asset storage, a partnership that raises eyebrows given the platform’s previous regulatory tangles. The ETF launch comes as lawmakers advance the GENIUS Act, which aims to establish comprehensive regulatory frameworks for digital assets including stablecoins used in crypto trading ecosystems.
What makes this filing particularly audacious isn’t merely the ETF structure itself, but rather the broader $2.32 billion private placement strategy accompanying it. TMTG has announced plans to build a substantial Bitcoin treasury, complemented by a $400 million share repurchase program—moves that suggest either remarkable confidence in crypto’s trajectory or a spectacular misreading of fiduciary responsibility.
The regulatory mechanics follow familiar patterns: an S-1 registration with the SEC detailing fund structure, followed by a 19b-4 rule change request for NYSE Arca listing. Yet the political overlay creates unprecedented dynamics. Trump’s involvement virtually guarantees heightened scrutiny from regulators already skeptical of crypto’s mainstream integration, while simultaneously attracting retail investors who might otherwise avoid digital assets entirely. Trump’s 52% control through a trust structure ensures his direct influence over strategic decisions regarding the ETF’s approval and market positioning.
The timing proves particularly intriguing, arriving as traditional asset managers like BlackRock and Fidelity have finally achieved Bitcoin ETF approvals after years of methodical courtship with regulators. TMTG’s approach—launching directly into a dual-asset product while simultaneously building corporate Bitcoin reserves—suggests either superior market timing or characteristically ambitious overreach. The company’s aggressive expansion into crypto comes despite reporting $105 million losses on just $3.7 million in revenue, highlighting the stark disconnect between its ambitious financial strategies and current operational performance.
Should the SEC approve these filings, the resulting product would represent more than just another crypto investment vehicle. It would mark the first major intersection of political platforms with digital asset ETFs, potentially creating trading patterns driven as much by political sentiment as cryptocurrency fundamentals—a development that should either terrify or exhilarate investors, depending on their appetite for volatility that extends well beyond Bitcoin’s notorious price swings.
