SEC Eyes Listing of Trump-Backed Truth Social Bitcoin ETF
Published Date: 6/20/2025
Notice
Summary
NYSE Arca wants to start trading shares of the Truth Social Bitcoin ETF, called B.T., which lets people invest in Bitcoin through a trust. This change affects investors looking for new Bitcoin options on the exchange and could open up fresh ways to trade starting soon after approval. Keep an eye out because this could shake up how Bitcoin ETFs are bought and sold!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
New Bitcoin ETF Listing
NYSE Arca filed to list and trade shares of the Truth Social Bitcoin ETF (ticker B.T.), a trust whose assets consist primarily of bitcoin. The Shares will not trade until the Trust's Form S-1 registration statement is effective; the filing was submitted June 3, 2025 and notice was published June 16, 2025.
Daily NAV and IIV Transparency
The Trust will calculate NAV once per Business Day at 4:00 p.m. E.T. using the CF Benchmarks Index (or fair value policies if the Index is not used) and will publish daily NAV and prior Business Day NAV on its website. The Sponsor will publish an intraday indicative value (IIV) updated every 15 seconds during the Exchange's Core Trading Session (9:30 a.m. to 4:00 p.m. E.T.).
Trading Hours and Minimum Tick
Shares of the Trust will trade on the NYSE Arca Marketplace from 4:00 a.m. to 8:00 p.m. E.T. The minimum price variation for quoting and order entry is $0.01, except for securities priced under $1.00 where the MPV is $0.0001. A minimum of 100,000 Shares must be outstanding at the commencement of trading.
Halts and Surveillance Protections
Trading in the Shares may be halted if NYSE Arca circuit breaker parameters are reached, if dissemination of the IIV or the Index is interrupted (with a halt no later than the beginning of the trading day following an interruption), or if the NAV per Share is not disseminated to all market participants at the same time. Trading will be subject to existing Exchange and FINRA surveillances and information sharing with Intermarket Surveillance Group members and markets with comprehensive surveillance-sharing agreements.
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Key Dates
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