The ETF will track Bitcoin’s price and be listed on NYSE Arca. Meanwhile, US Senator Cynthia Lummis revealed that several military leaders, particularly in Southeast Asia, support building a national Bitcoin reserve to counter China in ongoing economic warfare. Adding to the positive sentiment surrounding Bitcoin, miner Cango announced it mined 954.5 BTC in April and May—worth over $100 million—after fully shifting from its legacy business to mining. The firm also struck a $70 million share deal that could hand voting control to Enduring Wealth Capital.
Truth Social Bitcoin ETF Joins the Race
Donald Trump’s involvement in the cryptocurrency sector took another bold step with the filing of a Bitcoin exchange-traded fund (ETF) branded with his social media platform, Truth Social. On June 3, NYSE Arca submitted a filing to the Securities and Exchange Commission (SEC) on behalf of crypto asset manager Yorkville America Digital, a partner of Trump Media & Technology Group, which owns Truth Social.
Although Trump transferred ownership of the media group to a trust controlled by his son, Donald Trump Jr., he is still its majority owner. The proposed ETF seeks to track the price of Bitcoin and will be listed on NYSE Arca, with Foris DAX Trust Company—custodian of Crypto.com’s assets—named as the intended custodian. Key details like the fund's ticker and management fee were not shared.
If approved, the Truth Social Bitcoin ETF will enter an increasingly competitive landscape that is currently dominated by BlackRock’s iShares Bitcoin Trust (IBIT). The move is seen as further intertwining Trump’s brand with the crypto sector, which already includes several non-fungible token (NFT) projects, a stablecoin, multiple meme coins, a mining firm, and a tokenized crypto platform. Critics argue that ventures like these raise questions about conflicts of interest with Trump’s political role.
The ETF application follows an April agreement between Trump Media, Yorkville, and Crypto.com to roll out a range of “Made in America” crypto ETFs. The new filing triggers the SEC’s formal review process, which gives the agency 45 days to respond with an approval, rejection, or delay. However, the review period can be extended for up to 240 days, setting a final deadline of Jan. 29, 2026. Yorkville must also submit an S-1 registration statement with details about how the ETF will function as well as risks to investors.
This is not Trump Media’s first attempt to enter the ETF space. The company previously filed for a “Truth.Fi Bitcoin Plus ETF” in February, and allocated up to $250 million to its fintech platform Truth.Fi. Beyond ETFs, the firm also plans to integrate crypto into its digital ecosystem.
CEO Devin Nunes revealed in April that Trump Media is working on a crypto wallet and utility token for its video streaming site, Truth+, which will allow users to pay for subscriptions and other services on the platform.
US Military Leaders Back Bitcoin Reserve
The deepening ties between the crypto space and US leadership became even more clear after Senator Cynthia Lummis recently revealed that certain factions in the American military are in favor of creating a national Bitcoin reserve. They see it as a crucial strategic asset in the face of rising economic and geopolitical tensions.
In a June 3 interview with Bloomberg, Lummis shared that some US generals—particularly those stationed in Southeast Asia—have expressed strong support for Bitcoin as a form of economic defense in the increasingly volatile global landscape. According to Lummis, these military leaders believe that Bitcoin could play a pivotal role in strengthening America’s position in what she referred to as “economic war” with China, She also believes that preparation for traditional military conflict should go hand-in-hand with readiness in the digital and financial arenas.
“There are generals, especially in Southeast Asia, who believe it’s important to have a strategic Bitcoin stockpile because we’re doing an economic war with China and we have to prepare for a guns and bullets war. But we need both,” Lummis stated during the interview. Her comments reflect the growing belief among some US policymakers and defense strategists that Bitcoin and other decentralized technologies may become essential tools in the modern geopolitical toolkit.
This discussion happened amid heightened scrutiny of the US-China relationship, which has been riddled by trade wars, tech competition, and diverging policies on digital assets. While the US is increasingly warming up to Bitcoin as part of its economic strategy, China enforced a strict ban on all cryptocurrency-related activities since 2021. Despite this, China continues to invest heavily in blockchain innovation through its central bank digital currency, the digital yuan.
President Donald Trump clearly declared his ambition to make the US the “world capital of crypto,” and also pointed out that failure to lead could result in China overtaking the space. US Vice President JD Vance spoke at Bitcoin 2025, and also spoke about the idea that America’s dominance in the crypto sector is key to its future competitiveness on the global stage.
Vice President JD Vance speaking at Bitcoin 2025
Bitcoin Miner Cango Reports Massive Production Surge
In other Bitcoin-related news, mining firm Cango reported a big boost in production after fully pivoting to crypto mining. In fact, the firm generated almost $100.5 million worth of Bitcoin in just two months.
According to a June 3 announcement, the company mined a total of 954.5 BTC during April and May, with 470 BTC mined in April and 484.5 BTC in May. This production surge happened after Cango’s decision in early April to sell off its legacy operations in China to an entity linked to mining giant Bitmain, which started its complete strategic shift toward Bitcoin mining.
Announcement from Cango
The company has been rapidly scaling up its mining capabilities, operating at an average hashrate of almost 30 exahashes per second across April and May. In Bitcoin mining, hashrate represents the number of cryptographic computations a miner can perform each second. It is essentially the number of “guesses” it can make to find a valid block hash. A higher hashrate increases the chances of successfully validating a block and earning the Bitcoin reward under the network’s proof-of-work consensus mechanism.
This recent mining output comes on the heels of a strong first quarter, during which Cango reported having mined 1,541 BTC, worth approximately $162 million at the time. The company’s focus on scaling its hashrate seems to be paying off.
Additionally, Cango’s co-founders, Xiaojun Zhang and Jiayuan Lin, agreed to sell 10 million of their high-vote Class B shares to Enduring Wealth Capital for $70 million, pending shareholder approval. These shares carry 20 votes each, and will retain their voting power, while the founders plan to convert their remaining Class B shares to standard one-vote Class A stock. If the deal goes through, Enduring Wealth Capital will assume voting control of the company with over half the total votes. However, the firm will hold less than 5% of the company’s economic equity, or under 37% in the event Cango issues additional stock tied to mining rig acquisitions.
