U.S. President Donald Trump’s social media company, Truth Social, is wasting no time in trying to launch a spot bitcoin BTC $104,237.83 exchange-traded fund (ETF).

Trump Media and Technology (DJT) took a key step toward launching a publicly traded crypto investment product Thursday morning. The newly formed Truth Social Bitcoin ETF business trust filed its S-1 with the US Securities and Exchange Commission to register the new exchange-traded fund licensing Trump Media's social media brand.

Trump Media and Technology Group Corp. (NASDAQ:DJT) has filed a registration statement with the U.S. Securities and Exchange Commission to list a bitcoin-tied exchange-traded fund on NYSE Arca, it said on Thursday.