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. The ETF will trade on the NYSE Arca.

Thursday's filing is a significant step for Trump Media's move into the cryptocurrency space.

The media company, of which President Trump is a majority stakeholder, announced in January it was expanding into financial services and would offer investment products through a newly created fintech platform, Truth.Fi.

Last week, Trump Media said it will spend $2.32 billion to create a bitcoin treasury, issuing equity to fund the initiative. The move follows the trend of companies across various sectors adding bitcoin to their balance sheets to try to replicate the success of crypto advocate Michael Saylor's company Strategy.

The Trump administration has ushered in a friendlier stance toward cryptocurrency than that of Trump's predecessor, President Biden.

Trump announced the creation of a national strategic bitcoin reserve earlier this year. The president appointed venture capitalist David Sacks to a newly created White House role of crypto czar, and his pick for SEC chair is well-known crypto lawyer Paul Atkins. Under Trump's administration, the Atkins-led SEC dropped investigations into Coinbase (COIN), Robinhood (HOOD), and other crypto firms as Trump looks to reverse the Biden-era clampdown on fraud in the sector.

Read more: How would Trump's strategic bitcoin reserve work?

The price of bitcoin (BTC-USD) is up nearly 50% over the past year and rose as high as over $109,000 in January. But the price also plummeted below $80,000 in April as Trump's trade war roiled the stock market before it recovered again.

Trump Media stock fell 2% Thursday morning and is down 54% over the past year.

The new Truth Social Bitcoin ETF will be sponsored by Yorkville America Digital — a New Jersey-based affiliate of asset manager Yorkville Advisors — and will track the price of the cryptocurrency. Crypto.com is both the custodian and liquidity provider for the ETF, meaning it safeguards as well as buys and sells the cryptocurrency.

Truth Social, Crypto.com, and Yorkville America Digital first announced a partnership to launch a series of exchange-traded funds in March.

Earlier this week, NYSE Group submitted regulatory paperwork to list the Truth Social Bitcoin ETF.