Truth Social, a social media platform backed by the United States President Donald Trump, has filed for a spot Bitcoin (BTC) exchange-traded fund (ETF) with the U.S. SEC. According to a recent SEC filing, the Truth Social seeks to list and trade shares of the Truth Social Bitcoin ETF on the NYSE Arca Exchange.
The Truth Social Bitcoin ETF will be managed by Foris DAX Trust Company, LLC, whereby investors will only be allowed cash settlement. The filing of the Truth Social Bitcoin ETF follows a recent move by the Trump Media and Technology Group to raise $2.5B to implement a Bitcoin treasury management plan.
The filing of the Truth Social Bitcoin ETF aligns with the cryptocurrency agenda of the U.S. President Donald Trump. Furthermore, the Trump Organization and the Official Trump Meme ($TRUMP) have played a crucial role in the mainstream adoption of digital assets.
The overall demand for Bitcoin by institutional investors as a hedge against inflation and macroeconomic uncertainty remains high. According to market data analysis from BitcoinTreasuries, 223 entities now hold more than 3.39 million BTCs as part of their treasury management strategy.
As Coinpedia reported, the rising demand for Bitcoin from institutional investors has helped increase bullish sentiment. The recent weekly rebound from a crucial support/resistance level around $104k is a clear indication that BTC price is preparing for a fresh rally towards a new all-time high.
However, a consistent close below $103,336 in the coming days will further delay an anticipated parabolic rally.
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