SEC begins review of Trump Media Bitcoin-Ether ETF
SEC reviews Trump Media’s Bitcoin-Ether ETF
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged receipt of an application filed by Trump Media & Technology Group — the parent company of Truth Social — for a cryptocurrency ETF that would offer exposure to Bitcoin and Ethereum.
The filing S-1 form triggers the start of a review period during which the SEC must determine whether the proposal meets regulatory standards.
The Truth Social Bitcoin and Ether ETF, if approved, would list on NYSE Arca and allocate 75% of assets to Bitcoin and 25% to Ether, according to the fund’s documentation. This structure is designed to provide diversified exposure to the two leading cryptocurrencies under a single investment vehicle.
The proposal comes amid a wave of similar filings, as issuers rush to capitalize on the growing demand for regulated crypto investment products. The SEC is also reportedly considering streamlined listing frameworks to facilitate more efficient crypto ETF approvals.
Key players and valuation methodology
The ETF would be sponsored by Yorkville America Digital, an asset management firm focused on digital assets, while custody services would be handled by Foris DAX Trust Company, operating under the Crypto.com brand. The net asset value (NAV) of the ETF would be calculated daily using the CME CF Bitcoin Reference Rate and Ether Reference Rate, which aggregate pricing data across major crypto exchanges.
According to the filing, the Ether portion of the NAV may also be evaluated “at the Sponsor’s sole discretion,” allowing flexibility in pricing methodology.
Trump Media’s entrance into the crypto ETF space via Truth Social marks a notable development in the intersection of digital assets and political media brands. The company’s initiative reflects broader investor interest in accessible, regulated exposure to core cryptocurrencies like BTC and ETH.
Outlook for approval and market impact
If greenlit, Truth Social’s ETF could offer a novel dual-asset structure in an increasingly competitive market.
Investors and industry observers will closely watch the SEC’s decision-making process, which could signal further institutional acceptance of crypto assets.
Recall, earlier we wrote Truth Social has officially filed an S-1 registration form with the U.S. Securities and Exchange Commission (SEC) to offer its own crypto exchange-traded fund (ETF).
