The US Securities and Exchange Commission (SEC) has officially acknowledged Trump Media’s application to launch an exchange-traded fund (ETF) offering exposure to both Bitcoin and Ether, initiating the agency’s review process for approval or rejection.
According to the filing, the proposed ETF would allocate 75% of its assets to Bitcoin (BTC), currently priced at $108,464, and 25% to Ether (ETH), valued at $2,553. The shares would be listed on NYSE Arca and backed directly by the underlying crypto assets.
Foris DAX Trust Company, operating as Crypto.com, is named as the custodian, while Yorkville America Digital will sponsor the fund. The ETF’s net asset value would be calculated daily using the CME CF Bitcoin and Ether reference rates, with the sponsor retaining discretion over Ether valuations when necessary. The filing also notes that both crypto holdings will remain in cold storage accounts, segregated from the custodian’s other customer assets.
Trump Media, which owns Truth Social, initially filed its S-1 form for the dual crypto ETF with the SEC on June 16. The application lands amid a surge of crypto ETF filings and as the SEC explores a simplified listing process to streamline approvals in the sector.
Meanwhile, the SEC has delayed its decision on Fidelity’s proposed spot Solana ETF, reopening public comments for 21 days, with rebuttals due within 35 days. Fidelity’s application, filed by Cboe BZX Exchange on March 25, seeks to list a fund holding Solana (SOL). Additionally, Fidelity Investments filed a request with the U.S. SEC to introduce a tokenized share class for its blockchain-based U.S. dollar money market fund.
Bloomberg ETF analyst James Seyffart noted the delay was anticipated, adding that the SEC appears to be working toward a broader framework for digital asset ETPs. He also said reports indicating the SEC has asked Solana ETF issuers to amend and refile applications by month’s end suggest further regulatory engagement.
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