Trump Media eyes Bitcoin ETF launch as BTC nears all-time high

Bitcoin (BTC) surged to $122,200 on Monday, inching closer to its all-time high of $123,091 before settling at $120,000. The rally preceded Trump Media and Technology Group's (DJT) amendment to its S-1 registration statement for a proposed spot Bitcoin exchange-traded fund (ETF).

Trump Media seeks Bitcoin ETF launch as Strategy continues Bitcoin acquisition

Trump Media filed an amended registration statement with the Securities and Exchange Commission (SEC) on Monday for its proposed spot Bitcoin ETF.

Crypto.com will serve as the Bitcoin custodian, prime execution agent, and liquidity provider for the ETF, while Yorkville America Digital will act as the fund's sponsor, the company said in a statement on Monday.

The company originally filed for a Bitcoin and Ethereum (ETH) ETF in June, which it stated would hold 75% Bitcoin and 25% Ethereum. The amendment follows a return to inflows among global spot Bitcoin products, which pulled in $260 million last week.

US spot Bitcoin ETFs saw the largest chunk of inflows, recording $246 million in the past week. The inflows follow a previous week of net outflows across Bitcoin products.

The announcement also aligns with Trump Media's recent purchase of $2 billion worth of Bitcoin to boost its digital asset treasury strategy. The company previously stated that its BTC acquisition accounts for two-thirds of its total liquid assets.

Meanwhile, business intelligence firm Strategy (MSTR) bought 155 BTC last week, boosting its total crypto holdings to 628,791 BTC, purchased at an aggregate price of $46 billion. The company has acquired nearly 3% of Bitcoin's total supply since it began purchasing the top crypto in August 2020.

Bitcoin rose sharply towards its all-time high of $123,000 in the early European session on Monday, settling at $120,500 at the time of publication. The top asset rebounded from its $114,000 dip last week and is 2% shy of its all-time high.

Bitcoin has seen stronger on-chain activity, with fee volume spiking 10.3% and transfer volume holding steady at $8.5 billion after earlier declines, according to a Glassnode report on Monday. The rise in fee volume points to growing competition for block space, suggesting increased demand for transaction inclusion.

The report also highlights that the short-to-long-term holder ratio and the share of hot capital stayed stable, indicating a balanced market structure and healthy liquidity conditions.