The U.S. Securities and Exchange Commission (SEC) has accepted the application for a Bitcoin and Ethereum exchange-traded fund (ETF) from Trump Media, officially starting the clock for the agency to approve or reject the proposed fund.
According to the application documents, the ETF proposes to provide investors with exposure to Bitcoin (BTC) and Ethereum (ETH) through shares listed on the New York Stock Exchange Arca, backed by crypto assets, with 75% allocated to Bitcoin and 25% to Ethereum.
Foris DAX Trust Company, operating under the name Crypto.com, will serve as the custodian, while asset management firm Yorkville America Digital will act as the fund sponsor.
This application comes amid a surge of other crypto ETF applications, with reports indicating that the SEC is exploring a streamlined listing structure for crypto ETFs, which would automate a significant portion of the approval process.
Truth Social proposes that the net asset value of its ETF will be assessed daily, with the Bitcoin portion based on the CME CF Bitcoin Reference Rate, which is calculated by aggregating trading data from multiple major crypto exchanges.
The Ethereum in the fund will use the CME CF Ethereum Reference Rate to assess its value, "unless the sponsor decides otherwise."
According to the application documents, the crypto custodian will also hold the fund's Bitcoin and Ethereum in accounts separate from its other client base and will keep the private keys in cold storage.
Truth Social submitted the S-1 form for the dual crypto ETF to the SEC on June 16.
Meanwhile, the SEC has delayed its decision on Fidelity's proposed spot Solana (SOL) ETF, opening a new public comment window that requires responses within 21 days and rebuttals within 35 days.
The Cboe BZX Exchange first requested approval to list the proposed Fidelity ETF holding Solana in its application on March 25.
Bloomberg ETF analyst James Seyffart stated in a post on X on Monday that this is "the expected delay."
"We are still waiting for some action from the SEC on the universal digital asset ETP framework," he added.
In another post on X on Monday, Seyffart mentioned reports that the SEC has asked the SOL spot ETF issuer to modify and resubmit the application by the end of the month, which is another positive signal for potential new crypto exchange-traded products' "SEC action."
"Keep in mind that this is just more modifications and more back-and-forth communication, not approval, as I see some people implying. Any form of interaction between the SEC and issuers/exchanges should be viewed positively," he added.
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Original: “SEC Confirms Bitcoin (BTC) and Ethereum (ETH) ETF Application Submitted by Trump’s Truth Social”
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