Analysts caution as President Trump’s Truth Social enters competitive crypto market

Donald Trump’s Truth Social platform has filed with the U.S. Securities and Exchange Commission (SEC) to launch a dual Bitcoin and Ethereum exchange-traded fund (ETF), dubbed the Truth Social Bitcoin and Ethereum ETF (ticker: B.T.).

Sponsored by Yorkville America Digital, LLC, the proposed fund marks the first attempt by a politically affiliated media platform to offer a spot ETF combining exposure to both leading cryptocurrencies.

However, the filing, announced on June 16, 2025, has triggered a stern warning from deVere Group, one of the world’s largest independent financial advisory organisations, urging investors to exercise caution amid potential risks and conflicts of interest.

The Truth Social ETF aims to capitalise on the growing appetite for cryptocurrency investments, following the SEC’s approval of spot Bitcoin ETFs in early 2024. The fund proposes a 75% Bitcoin and 25% Ethereum allocation, with Crypto.com serving as custodian, execution agent, and liquidity provider. 

This filing builds on Trump Media and Technology Group’s earlier attempt to launch a standalone Bitcoin ETF, signalling a strategic pivot toward dual-asset exposure under the Truth Social brand. The move aligns with President Trump’s pro-crypto stance, potentially attracting retail investors drawn to his political influence, but it has raised red flags among financial experts.

Nigel Green, CEO of deVere Group, in a statement released on June 16, emphasised the need for scrutiny. “We are long-term advocates of Bitcoin, Ethereum, and digital assets,” Green said. “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.” 

Green’s comments highlight concerns that the political affiliation of Truth Social could blur the lines between governance and investment, creating an illusion of legitimacy that may mislead unsophisticated investors.

The Truth Social ETF: warnings by the deVere Group

The deVere Group warned that the SEC filing does not guarantee the product’s suitability for investors. “Being SEC-filed does not automatically mean a product is in an investor’s best interests,” Green cautioned.

“It does not insulate against poor governance or conflicts of interest. These are the considerations investors need to weigh carefully, with professional guidance”, he added.

The advisory firm added that the volatile nature of cryptocurrencies and the potential for political motives to influence the fund’s management, urging retail investors to seek independent financial advice before committing capital.

The filing comes amid a surge in crypto-related financial products.

There has been an indication that Trump Media’s partnership with Yorkville America Digital aims to offer a suite of “America First” investment vehicles, including the Truth Social ETF. This follows a crowded market of over 60 U.S. Bitcoin ETFs, as noted by sosovalue.com, which tracks daily inflows and outflows.

The dual-asset approach could appeal to investors seeking diversified crypto exposure, but deVere stressed that excitement alone is insufficient without a sound strategy. “This fund filing will generate excitement. But excitement is not a strategy,” Green added.

deVere Group, which supports well-regulated digital asset vehicles, emphasised the importance of access, security, and transparency in crypto innovation. The firm’s stance reflects broader industry calls for robust oversight, especially as political entities enter the financial arena.

The Truth Social ETF’s approval remains pending SEC review, with a Form 19b-4 filing still under consideration. This process could take months, providing a window for investors to assess the product’s merits.

The crypto community awaits further details. The Truth Social ETF represents a high-stakes experiment at the intersection of politics and finance, with deVere’s warning serving as a reminder of the need for diligence. For investors, the advice is clear: ask hard questions, understand the mechanics, and consult advisors to navigate this uncharted territory.