The U.S. Securities and Exchange Commission is pushing back its decision on whether to approve a Bitcoin exchange-traded fund proposed by Truth Social, the social media platform owned by Trump Media & Technology Group.
In a filing released Monday, the SEC said it would extend its review period to September 18, giving itself more time to evaluate the proposed rule change and “the issues raised therein.”
According to its S-1 registration filing, the proposed “Truth Social Crypto Blue Chip ETF” will follow the performance of five major tokens: Bitcoin, Ether, Solana, Cronos, and XRP. The initial allocation leans heavily toward Bitcoin, which will make up 70% of the portfolio, followed by 15% in Ether, 8% in Solana, 5% in Cronos, and 2% in XRP.
The ETF is structured as a Nevada business trust and is being launched in partnership with Yorkville America Digital. Once approved, it plans to list on NYSE Arca, the exchange best known for hosting a growing number of crypto-related equity products.
The filing notes that the ETF will not register as an investment company and won’t fall under the Commodity Futures Trading Commission’s oversight as a commodity pool. Shares will be issued and redeemed in blocks of 10,000 through authorized broker-dealers, helping the fund’s market price stay in line with the value of its crypto holdings.
The Truth Social Bitcoin ETF was filed in June and, if approved, would mark another entry into the crypto space by firms linked to former President Donald Trump. Trump has leaned into digital assets in recent months, backing a DeFi project called World Liberty Financial and attending events tied to his namesake memecoin.
This ETF application is the second from Trump Media in recent weeks. On June 16, the company also filed for a dual-spot Bitcoin and Ether ETF, aiming to give investors exposure to the two largest cryptocurrencies without the need to hold the assets directly. That fund would split holdings 75% in Bitcoin and 25% in Ether, with custody provided by Crypto.com.
Since the SEC approved the first batch of spot Bitcoin ETFs in January, the 12 listed funds have attracted more than $54 billion in inflows — making them some of the best-performing new ETFs on record. Ethereum ETFs have also been approved, while decisions on funds tied to altcoins like Solana and Dogecoin remain in limbo.
Also on Monday, the SEC delayed a decision on Grayscale’s application to convert its Solana Trust into a spot ETF. That ruling is now expected by October 10. Other firms waiting in line to launch Solana ETFs include VanEck, Bitwise, 21Shares, and Canary.
Delays like this are standard for the SEC, especially given the uptick in ETF proposals since Trump returned to the White House in January. The new administration has taken a friendlier stance toward digital assets, installing former SEC Commissioner Paul Atkins — known for his crypto-friendly views — to lead the agency. Trump has also pledged to make the U.S. “the crypto capital of the world.”
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