Trump Media and Technology Group (TMTG) has filed its first amended registration statement with the Securities and Exchange Commission (SEC) for the Truth Social Bitcoin ETF, advancing plans to enter the fast-growing spot Bitcoin ETF market.

The ETF, to be listed on NYSE Arca under the ticker B.T., will hold Bitcoin (BTC) directly and seek to track the flagship crypto’s market price. Crypto.com will act as the exclusive custodian, prime execution agent, and liquidity provider, while Yorkville America Digital will serve as the ETF’s sponsor.

The ETF’s structure allocates 70% of its assets to Bitcoin, with 15% in U.S. Treasury securities and 15% in cash or cash equivalents, aiming to balance exposure to the crypto with traditional financial instruments.

The launch remains subject to SEC approval of both the updated Form S-1 registration and a separate Form 19b-4 listing application. The company has not provided a specific launch date but indicated it expects the fund to go live before year-end.

TMTG, parent of the Truth Social social platform, streaming service Truth+, and fintech brand Truth.Fi, said the ETF forms part of a broader Bitcoin-focused strategy.

The strategy includes building a corporate Bitcoin treasury and expanding into digital asset products through its financial services division. The company has already committed substantial capital to Bitcoin acquisitions this year, positioning itself among the more aggressive corporate entrants into the sector.

If approved, the Truth Social Bitcoin ETF would enter a competitive landscape dominated by heavyweight issuers such as BlackRock, whose spot Bitcoin ETF has drawn billions in inflows since the first U.S. approvals in January and set multiple records.

The ETFs have attracted a mix of institutional and retail investors seeking regulated exposure to Bitcoin without the need for self-custody.

The filing also highlights the political dimension of TMTG’s crypto ambitions. President Donald Trump, the company’s majority shareholder, has made digital assets a policy priority, pledging to roll back what he calls restrictive regulations and promote U.S. leadership in the crypto economy.

A spot Bitcoin ETF tied to a political brand of Trump’s profile would be unprecedented in the market, potentially attracting a distinct investor base but also intensifying public and regulatory scrutiny.

The timing of the filing reflects an environment where spot Bitcoin ETFs are gaining mainstream acceptance and competitive differentiation is becoming critical. While the SEC has approved multiple products this year, new entrants face the challenge of building liquidity and investor trust in a market already served by established issuers.

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Binance is taking another step towards damage control by teaming up with the BBVA. Spain’s Second bank. The new arrangement allows customers to post the US Department of Treasury as margins. the It’s clear When trying to isolate the user fund from Exchange risk, it is shown that Binance is trying to clean up the image.

Responding to ongoing scrutiny

This move follows intense regulatory pressure. After billions of dollars fines and ongoing questions about user fund safety last year, Binance has little room to loosen it. Collateral for traders who hold regulated banks appears to be a deliberate effort to rebuild trust without waiting for permission.

binance x bbva@binance Combining the team with the third largest bank in Spain, BBVA, to ensure that clients do not exchange assets as independent custodians.
Move The Move aims to rebuild the collapse of Trust Post-Ftx after Binance’s $4.3 billion fine in 2023.
Client funds are held by the BBVA in the US… pic.twitter.com/bq4fagohom

-Narcos (@misternarcos) August 8, 2025

Traders keep their funds in the bank

The idea is simple. Users will deposit collateral directly with BBVA. These funds go to the US Treasury Department, and Binance accepts them as margins for the transaction. Exchanges never touch money. that’s right a Selection subject A transition from an era when platforms pooled client assets and moved behind the scenes.

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Traditional banks start to take the wheels

The BBVA is more than just an institution. the It’s deeply established in Europe’s It already offers crypto products in the financial system and Switzerland. By partnering with a bank of this size, Binance sends a message that he is willing to work within the system, at least on paper. this It adds to the slow trend of crypto companies that are leaning towards old-fashioned finance due to their structure.

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Timing is in line with policy momentum

Global regulators are ultimately taking custody rules for crypto. With the US european unionauthorities are considering how exchanges manage customer assets. This Binance BBVA placement occurs just like those conversations hit new gear. the It’s not a coincidence.

Layers of user safety

For everyday traders, this means one less thing to worry about. Instead of hoping Binance will maintain the solvent, they know that their collateral is locked in another bank account and supported by government bonds. If Binance gets into trouble, the funds should remain untouched. Such firewalls have been missing from the space for too long.

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Can this set a new standard?

Other platforms may take notes. If this model works, it could move the industry away from dangerous, self-supporting towards banking setups. The idea of splitting custody from a transaction is not new, but it is gaining traction rapidly as the market matures and compliance costs rise.

What’s next for Binance and BBVA

The big unknown is whether Binance will roll out this widely or continue to limit it. If the intake is strong, more banks will be able to enter the photo. For now, this is a test case. But if it sticks, it may reconstruct how crypto exchanges operate.

Binance is trying to play more cautiously, in the wake of regulatory blowbacks and industry meltdowns. By taking charge of BBVA as collateral, the It is trying to show that it can evolve into users and regulators. The interests are high, and this may be one of the more grounded moves that the exchange has been making for a long time.

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An ancient Bitcoin whale that woke up for the first time in 14 years earlier this month is making headlines again with another multi-billion-dollar BTC transfer.

About 10 days ago, two Bitcoin addresses that each had 10,000 BTC were each emptied within minutes of each other on the 4th of July.

The two wallets had received their respective Bitcoin on April 3rd of 2011 when BTC was trading at $0.78 a piece.

Then, last week, Coinbase director Conor Grogan suggested that the whale wallets could potentially be linked to a hack after finding that one of the wallets appears to have made a test transaction on the Bitcoin Cash (BCH) network just hours before the big move happened, suggesting that whoever was responsible for the transfer was trying to go unnoticed.

Now, according to pseudonymous crypto analyst Satoshi Stacker, one of the two whales is at it again, moving almost $5 billion worth of BTC to new wallets.

“The 80,000 BTC whale has moved 40,000 BTC worth around $4.7 billion to new addresses.

Around $2 billion of that BTC has then been transferred to centralized exchanges, likely to be sold.

Are you buying this dip?”

While the wallets were dormant since April of 2011, they also received trace amounts of Bitcoin during the intervening period, possibly due to dusting attacks conducted to try to sniff out the entities behind the addresses. Dusting attacks are typically conducted by researchers, law enforcement officials or criminals.

The phenomenon of long-dormant addresses suddenly getting active spurs media interest due to their potential link to the pseudonymous creator of Bitcoin, Satoshi Nakamoto, who remains a mystery more than one and a half decades since the crypto king was introduced to the world.

Bitcoin is trading for $117,195 at time of writing, a 2.2% decrease on the day.

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After reaching a new all-time high of $123,200, Bitcoin has retraced to the $116,000 level as profit-taking and shifting market sentiment begin to take shape. While the broader trend remains bullish, a key development has caught the attention of analysts and investors alike.

Top analyst Darkfost has flagged significant on-chain activity involving the so-called “80K whale”—a mysterious wallet cluster believed to be holding over 80,000 BTC from the Satoshi era. This entity recently transferred a substantial portion of its holdings to a wallet reportedly linked to Galaxy Digital, a major institutional player in the crypto space.

The move is raising eyebrows, as Galaxy Digital enforces strict KYC (Know Your Customer) protocols, suggesting that the identity behind the transfer is now known to the firm. While this could indicate an intention to sell through their OTC (Over-the-Counter) brokerage desk, it’s also possible that the whale is simply reallocating funds for asset management purposes, such as earning yield on dormant BTC.

40,000 BTC Sent to Galaxy Digital As Selling Activity Sparks Volatility

Darkfost has reported a significant movement in the Bitcoin network—40,000 BTC has been transferred to Galaxy Digital, one of the most prominent institutional players in the space. The transaction originated from wallet address bc1qmuxrzvnx34j8y6h9leg4zen5gnw7wmfmgp8v2p, which is now completely empty.

While this transfer is notable, it’s only part of the picture. Four other wallets from the same cluster still collectively hold 40,000 BTC—none of which have moved yet. The total amount of Bitcoin sent to exchanges or OTC brokers remains uncertain for now, but Darkfost noted that selling activity appears to be ongoing.

Such large-scale movements often trigger concerns in the market, and the potential for panic selling is real, especially given the scale and timing of this transfer following Bitcoin’s recent all-time high at $123,200. However, it’s important to contextualize the event within the broader market structure.

Despite the short-term volatility, Bitcoin’s fundamentals remain strong. Institutional interest continues to grow, supply on exchanges remains historically low, and long-term holders show no signs of mass exit. This development may cause temporary price fluctuations, but it’s unlikely to shake the long-term conviction many investors maintain in Bitcoin’s trajectory. As always, whale activity commands attention, but it rarely defines the entire trend.

BTC Drops To $116K After ATH

The 12-hour chart shows Bitcoin facing a sharp pullback after reaching its all-time high at $123,200. Currently trading around $116,509, BTC has dropped nearly 6% from its peak, signaling a period of increased selling pressure. Notably, this correction was accompanied by a spike in red volume, indicating strong profit-taking activity or large sell-side orders—possibly linked to the recent whale movement toward Galaxy Digital.

Despite the retrace, Bitcoin still trades well above its key moving averages: the 50 SMA ($109,353), 100 SMA ($107,729), and 200 SMA ($101,375). These levels continue to slope upward, reflecting a healthy longer-term trend. The $114,000–$117,000 zone now acts as short-term support, aligning with the last consolidation area before the breakout.

Holding this range will be crucial for bulls to maintain momentum. A breakdown below could trigger a retest of the $109,300 support, a level that capped price action through much of June. On the upside, a recovery above $119K would suggest that buyers are stepping back in.

Featured image from Dall-E, chart from TradingView

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Bitcoin mining firm, BTC Digital (BTCT), has moved $1 million of company cash into ether (ETH), which it called its new “digital gold.”

BTCT Moved $1M Into Ethereum Reserve, chief executive officer Siguang Peng said in a press release, adding that Ethereum has “emerged as the foundation of on-chain USD settlement and value transfer.”

“By securing an initial $1 million ETH reserve today—and with plans to scale that position—we are proactively positioning ourselves for decentralized finance, stablecoin issuance, and asset tokenization,” Peng said.

BTCT plans to grow the reserve as upgrades lift capacity and U.S. rules solidify. BTC Digital was previously a bitcoin mining company. The firm recently said that “its 20 MW large–scale cryptocurrency mining project in Georgia has reached a significant milestone.”

The company doesn’t state if it still plans to mine bitcoin, but said it is “building on its origins in large–scale crypto mining, BTCT is undergoing a strategic evolution from “hash–rate provider” to “on–chain financial infrastructure participant,” in the press release.

BTC Digital is the second publicly traded bitcoin miner turning to an ether treasury. Earlier this month Bit Digital (BTBT) shifted its entire treasury from BTC to ETH as it moved to a staking strategy. The move saw its stock jump up to 30%. It has since corrected in a nearly 20% drop.

Meanwhile, BTCT’s stock closed Friday’s trading session 13% higher.

Publicly-known ether treasuries, which include the treasuries of decentralized autonomous organizations (DAOs), Layer-2 networks, and publicly-traded firms, currently hold more than 1.34 million ETH, according to a public tracker.

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

June 30, 2025

Circle, the firm behind the USDC stablecoin, is taking its next big step into regulated finance.

Fresh off a public listing that valued the company at nearly $18b, Circle has filed an application to become a national trust bank in the United States, Reuters reported Tuesday.

If approved by the Office of the Comptroller of the Currency, the new entity, called First National Digital Currency Bank, N.A., would allow Circle to act as a custodian for its reserves and offer secure digital asset services to institutional clients.

However, unlike traditional banks, it would not be permitted to accept cash deposits or issue loans.

Circle Plans Hybrid Reserve Custody Model

Instead, the trust charter would let Circle manage the reserves backing its stablecoin, which include short-term US Treasury bills and cash, currently held at BNY Mellon and managed by BlackRock. Some of these holdings will remain with existing partners even if the new bank becomes operational.

“We’re going from the early-adopter phase of this technology into the mainstream,” Allaire told Reuters. “As a public company, and now, hopefully if we are successful in getting approval from the OCC as a national trust, that will give us a foundation that the world’s leading institutions are going to be comfortable building on.”

Senate Bill Pushes Stablecoin Rules Forward

Circle plans to focus on the custody of tokenized assets such as stocks and bonds on blockchain rails, rather than cryptocurrencies like Bitcoin and Ether. This focus aligns with broader trends, as financial institutions increasingly explore blockchain to modernize traditional markets.

The timing of Circle’s move is significant. Earlier this month, the Senate passed a stablecoin bill that would require issuers to maintain full reserves and disclose them publicly each month. The House is expected to vote on the bill in the coming weeks, and President Trump has signaled support for such regulation.

If enacted, the legislation could legitimize stablecoins in the eyes of more traditional businesses and pave the way for broader use in payments and commerce. Circle, which already plays a central role in the stablecoin market, is preparing to meet that moment with a more regulated and institution-friendly structure.

Wall Street analysts began coverage of Circle this week with mostly upbeat assessments. Firms including Barclays, Bernstein and Canaccord Genuity issued buy ratings, though others like JPMorgan and Goldman Sachs flagged potential valuation concerns following the stock’s sharp post-IPO rise.