Trump Media, which operates the social media platform Fact Social, has filed an modification to the S-1 registration with the SEC for its Bitcoin exchange-traded fund (ETF).
The amended submitting doesn’t embody important particulars such because the price or a ticker image for the fund, Bloomberg Intelligence senior ETF analyst Eric Balchunas identified.
Fact Social simply filed an modification to its spot bitcoin ETF. Undecided what was tweaked. No price but, which I’m REALLY inquisitive about. Additionally no ticker. I’m wondering what they’ll choose for ticker. Any guesses? pic.twitter.com/M4QZTTIKaM
— Eric Balchunas (@EricBalchunas) August 11, 2025
Balchunas beforehand stated that the spot ETF might wrestle to face out, given its late market entry and already crowded and aggressive area.
The spot Bitcoin ETF launch is topic to the SEC approval of the registration and Kind 19b-4, following which, the shares shall be listed on NYSE Arca.
Crypto.com will function the Bitcoin custodian and liquidity supplier, whereas Yorkville America Digital will act because the fund’s sponsor, per a Monday launch.
If accredited, “the ETF will maintain Bitcoin straight and provide its shares to buyers, aiming to mirror Bitcoin’s worth efficiency.”
New Amended S-1 Kind Filed for Fact Social Bitcoin ETF
The Monday SEC modification submitting to the unique S-1 filed on June 5, 2025, lacked an express change abstract. Nevertheless, it mirrored updates from June to August 2025 primarily based on comparisons, together with latest occasions and refined disclosures.
As an example, the brand new S-1 added particulars on the Digital Asset Cooperation Settlement from April 2025 and insurance policies for dealing with Incidental Rights, comparable to airdrops. It additionally up to date the CF Benchmarks Index platforms and clarified operational procedures for share creations and redemptions.
On the dangers and regulatory entrance, the adjustments embody increasing on latest occasions, just like the GENIUS Act, including stablecoin dangers. Moreover, it included discussions on arduous forks and regulatory developments as much as August 2025, comparable to govt orders.
Additional, the submitting amended the Belief Settlement to a restated model dated in 2025.
Trump Media Joins Wall Avenue Powerhouse Rivals
The Bitcoin ETF market is already dominated by asset managers, together with BlackRock, Constancy, Grayscale, and Ark Make investments. These companies have a powerful investor base and a constant report of providing low-cost, high-liquidity merchandise.
Given the excessive competitors, Fact Social ETF would possibly provide both a lot decrease charges or a differentiated worth to achieve traction. On prime of the pricing, the fund must construct investor belief on par with established companies.
Though there isn’t any particular date for the launch, the choice to work with established infrastructure suppliers like Crypto.com would possibly assist the fund stand up to regulatory scrutiny.
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