Trump Media’s push into the crypto world is picking up steam, as the company behind Truth Social awaits a decision from the U.S. Securities and Exchange Commission (SEC) on its proposed Bitcoin and Ethereum ETF.
A recent filing revealed that the SEC has officially accepted the application to review Trump Media’s planned crypto exchange-traded fund. The initial S-1 form for the ETF was submitted on June 16 and aims to bring exposure to both Bitcoin and Ethereum the world’s two largest cryptocurrencies by market capitalization.
If approved, the ETF would trade on NYSE Arca and allow investors to gain crypto exposure without directly holding the digital assets themselves. The proposed fund structure would allocate 75% of its holdings to Bitcoin and 25% to Ether.
Crypto.com, operating as Foris DAX Trust Company, has been named as the fund’s custodian, while Yorkville America Digital will serve as the fund’s sponsor.
Should the SEC grant approval, Trump Media intends to value each portion of the ETF based on CME CF reference rates, using aggregated trade data from multiple major crypto exchanges to price both Bitcoin and Ether. However, the company notes that these allocations and methodologies could change at the sole discretion of the fund’s sponsor.
Meanwhile, the crypto ETF landscape continues to evolve. Earlier today, reports surfaced that the SEC is urging asset managers interested in launching spot Solana ETFs to resubmit their S-1 filings before the end of July. Some analysts, like Bloomberg’s James Seyffart, remain skeptical about the chances of a Solana ETF winning approval in the near future.
Interestingly, the SEC did give a green light earlier this year for the REX-Osprey SOL and Staking ETF. Trading under the ticker SSK, this fund marked the first-ever staking ETF in the U.S., attracting around $33 million in trading volume and $12 million in inflows on its debut.
As crypto ETFs gain momentum in the United States, all eyes will be on whether Trump Media’s Truth Social can secure regulatory approval for its dual Bitcoin and Ethereum offering.
