So, Trump Media has decided to throw its hat into the crypto ring, applying to list and trade shares of its Truth Social Bitcoin and Ethereum ETF. As of July 8, the U.S. SEC is giving it the once-over. 🕵️♀️
A recent filing revealed that the U.S. Securities and Exchange Commission has accepted the application for a Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund. Truth Social first filed its S-1 form with the SEC for this crypto ETF, which holds both Bitcoin and Ethereum, on June 16. Because why not, right? 🤷♀️
The ETF is designed to give investors a taste of the two biggest cryptocurrencies by market cap, Bitcoin and Ethereum. Investors will be able to get a piece of the action through NYSE Arca shares backed by these two crypto assets. It’s like a crypto cocktail, but with a 75% Bitcoin and 25% Ethereum mix. 🍸
The custodian for the fund will be Crypto.com, also known as Foris DAX Trust Company. The fund’s sponsor will be Yorkville America Digital. Because who doesn’t love a good digital asset management firm? 🤩
If the SEC gives the green light, Trump Media promises to evaluate each portion of its ETF based on CME CF reference rates. This means the 75% Bitcoin portion will be calculated using aggregated trade data from multiple major crypto exchanges. The same goes for the 25% Ether share. But hey, they reserve the right to change it if they feel like it, because why not? 🤷♀️
Meanwhile, the SEC is reportedly asking asset managers applying for spot Solana (SOL) exchange-traded funds to re-submit Forms S-1 before the end of July. Analysts like Bloomberg’s James Seyffart have been skeptical about the SEC approving another SOL ETF. Because the SEC loves a good challenge. 🤦♀️
Earlier this year, the SEC did give the green light for the listing and trading of the REX-Osprey SOL and Staking ETF. The fund, traded under the ticker SSK, was the first-ever staking ETF in the U.S. and saw about $33 million in volume and $12 million in inflows on its debut. Not too shabby, right? 💰
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2025-07-08 15:13