The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Trump Media’s application for a dual Bitcoin and Ethereum exchange-traded fund (ETF), filed under the Truth Social brand.
According to the filing, the ETF will be listed on NYSE Arca and offer 75% exposure to Bitcoin and 25% to Ethereum. Foris DAX Trust Company, better known as Crypto.com, will handle custody, while Yorkville America Digital will sponsor the fund. All crypto assets will be held in cold storage and segregated from other customer accounts, the filing said.
Truth Social submitted its S-1 form on June 16, seeking to track Bitcoin and Ether using CME CF reference rates. The fund’s net asset value will be calculated daily, with some flexibility left to the sponsor’s discretion regarding Ethereum valuations.
This development comes as the SEC contemplates automating the approval of crypto ETFs, as there is an increasing interest in the traditional financial circles. In the meantime, the SEC has pushed back its ruling on Fidelity’s proposed spot Solana ETF, initiating a new 21-day period of public comment.
Bloomberg ETF analyst James Seyffart described the delay as not surprising but cited positive indicators. He mentioned that the SEC is also actively interacting with issuers, which may indicate a breakthrough on a more comprehensive framework of crypto ETPs.
With the crypto ETF race gaining steam, the Truth Social application is an indication of increasing traction of digital assets in the mainstream financial world.
Also Read: SEC Speeds Up Solana ETF Review Before October Deadline
