The U.S. Securities and Exchange Commission has officially acknowledged Trump Media’s application for a Bitcoin and Ethereum exchange-traded fund (ETF), triggering the review period for potential approval or rejection.
According to the filing, the proposed ETF would give investors exposure to both Bitcoin and Ether via shares listed on NYSE Arca, with the fund allocating 75% of its assets to Bitcoin and 25% to Ether.
Crypto.com’s Foris DAX Trust Company is set to serve as the fund’s custodian, while Yorkville America Digital, an asset management firm, will act as the sponsor.
This filing joins a growing wave of crypto ETF applications, as the SEC reportedly considers a streamlined listing framework that could automate much of the approval process.
Truth Social Crypto ETF to Track Bitcoin and Ether
Truth Social has proposed that the net asset value (NAV) of its crypto ETF will be calculated daily, with the Bitcoin portion based on the CME CF Bitcoin Reference Rate, which aggregates trade data from several major cryptocurrency exchanges.
The Ether portion will be valued using the CME CF Ether Reference Rate, unless the fund’s sponsor decides otherwise at its sole discretion.
According to the filing, the crypto custodian will store the fund’s Bitcoin and Ether in separate accounts from its other customers and will hold the private keys in cold storage for added security.
Truth Social initially submitted its S-1 filing for the dual crypto ETF to the SEC on June 16.
Fidelity’s Solana ETF Faces Another Delay
The SEC has once again postponed its decision on Fidelity’s proposed spot Solana ETF, instead opening a new public comment period. The agency is requesting feedback within 21 days, with rebuttals due within 35 days.
Cboe BZX Exchange initially filed the request to list the Fidelity Solana ETF on March 25.
Commenting on the delay in a post on X, Bloomberg ETF analyst James Seyffart noted it was “delayed as expected.”
“We’re still waiting for some sort of movement from the SEC on a generalized digital asset ETP framework,” he added.
Encouraging Signs of SEC Progress on Crypto ETPs
In another post on X Monday, James Seyffart noted that reports of the SEC requesting Solana spot ETF issuers to amend and refile their applications by the end of the month signal further “SEC movement” on potential new crypto exchange-traded products.
He clarified, however, that this development doesn’t indicate imminent approvals: “Keep in mind that this would just be more amendments and more back and forth, NOT approvals, as I’ve seen some people hint. Pretty much any sort of interactions between SEC and issuers/exchanges should be viewed positively,” he wrote.
