Trump Media’s ‘Truth Social Bitcoin and Ethereum ETF’ under SEC review

Trump Media’s application to list and trade shares of its Truth Social Bitcoin and Ethereum ETF is currently being reviewed by the U.S. SEC as of July 8. A recent filing showed 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 lodged its S-1 form with the SEC for the crypto ETF that holds both Bitcoin and Ethereum on June 16. According to the filing, the ETF is meant to offer investors exposure to the two largest cryptocurrencies by market cap, Bitcoin and Ethereum. Investors will be able to gain exposure through NYSE Arca shares backed by the two crypto assets. The filing proposes that the ETF will have a 75% portion allocated to Bitcoin and 25% linked to Ether. The custodian for the fund will be Crypto.com , also known as Foris DAX Trust Company. Meanwhile, the fund’s sponsor will be asset management firm Yorkville America Digital. You might also like: Trump’s Truth Social joins ETF race with dual Bitcoin and Ethereum product If approved, Trump Media vows to evaluate each portion of its ETF based on CME CF reference rates. This means that the three-quarter portion of Bitcoin will be calculated based on aggregated trade data from multiple major crypto exchanges. The same can be said about the Ether share of the fund. However, Trump Media also notes that this is subject to change, based on the fund sponsor’s judgement which requires “sole discretion.” Earlier today, the SEC reportedly asked asset managers applying for spot Solana ( SOL ) exchange-traded funds to re-submit Forms S-1 before the end of July. Analysts such as Bloomberg’s James Seyffart have long doubted the possibility of the SEC approving another SOL ETF. Earlier this year, the SEC gave the green light for the listing and trading of the REX-Osprey SOL and Staking ETF. The fund, traded under the ticker SSK and the first-ever staking ETF in the U.S., saw about $33 million in volume and $12 million in inflows on its debut. You might also like: SEC asks for swift refiling of Solana spot ETF applications

Source: crypto.news