US president Donald Trump’s Truth Social has filed with the US Securities and Exchange Commission to launch a dual Bitcoin and Ethereum exchange-traded fund (ETF) – a move that has sparked concern from at least one financial advisory organisation.
The proposed fund, the Truth Social Bitcoin and Ethereum ETF, sponsored by Yorkville America Digital LLC, would offer a spot ETF with combined exposure to both Bitcoin and Ethereum.
The deVere Group has issued a warning to investors to exercise caution and seek independent financial advice before engaging with this product.
Nigel Green, CEO of deVere Group, comments: “We’re long-term advocates of Bitcoin, Ethereum and digital assets. We believe they are a crucial component of modern portfolios. But this filing is not just another step forward for crypto adoption, it’s an entry point that raises serious questions about alignment, influence, and investor risk.
“When a politically connected media platform attempts to issue a financial product tied to volatile, high-profile assets, investors must scrutinise everything from the structure to the motive.”
deVere warns that the convergence of politics and finance in this way could create an illusion of safety or legitimacy, particularly for retail investors.
“Being SEC-filed doesn’t automatically mean a product is in an investor’s best interests,” says Green. “It doesn’t insulate against poor governance or conflicts of interest. These are the considerations investors need to weigh carefully, with professional guidance.”
The renewed appetite for crypto exposure is intensifying, especially following the previous approval of spot Bitcoin ETFs.