The U.S. Securities and Exchange Commission has formally acknowledged an application tied to President Donald Trump’s media company for a new Bitcoin and Ethereum exchange-traded fund (ETF), officially initiating the regulatory review process.
Filed under the Truth Social brand, the ETF would offer combined exposure to both Bitcoin and Ether, allocating 75% to Bitcoin and 25% to Ether. The proposed shares would be listed on NYSE Arca, according to the registration statement submitted to the SEC.
Custodial services will be handled by Foris DAX Trust Company, which operates as Crypto.com, while Yorkville America Digital will serve as the fund’s sponsor. According to the filing, digital assets will be held in cold storage, segregated from other customer holdings.
The SEC’s acknowledgment kicks off a countdown, giving the agency a defined timeline to approve or deny the product. The move comes amid growing momentum in the crypto ETF space, with the SEC reportedly evaluating ways to streamline crypto product approvals through a simplified listing structure.
Dual Crypto Exposure via Truth Social ETF
Truth Social’s proposed ETF is designed to give investors direct exposure to two of the most widely held cryptocurrencies. Daily net asset value calculations for the fund’s Bitcoin component will rely on the CME CF Bitcoin reference rate—an index aggregating price data across leading crypto exchanges. Ether pricing will follow a similar structure via the CME CF Ether reference rate, unless modified by the fund sponsor.
The structure mirrors conventional ETF practices while adapting to crypto-specific nuances. The fund’s crypto assets will be stored securely in cold wallets with private keys held by the custodian, and accounts will be isolated from other clients’ assets, per the regulatory filing.
The original registration was submitted to the SEC on June 16, marking Truth Social’s entry into the increasingly competitive arena of digital asset investment products. With traditional asset managers and newer entrants alike racing to gain regulatory clearance, the pressure is mounting on the SEC to clarify its stance on mixed-asset crypto funds.
SEC Stalls Fidelity Solana ETF, But Signals Broader Openness
While the Truth Social ETF advances to the review stage, the SEC has once again delayed its decision on Fidelity’s proposed Solana ETF. The agency opened a new round of public comments this week, with responses due within 21 days and rebuttals within 35.
Cboe BZX Exchange first filed to list Fidelity’s spot Solana ETF back in March, but progress has been sluggish. Bloomberg ETF analyst James Seyffart called the latest delay “expected,” noting that the agency continues to proceed cautiously with altcoin-based exchange-traded products.
Still, Seyffart pointed to encouraging developments elsewhere. According to his post on X (formerly Twitter), the SEC has recently instructed other prospective Solana ETF issuers to amend and refile their applications by the end of the month. That, he says, is “another positive sign of SEC movement” on crypto ETPs.
Although approval timelines remain murky, the commission’s incremental actions suggest a shifting posture toward broader crypto ETF inclusion—potentially paving the way for a wider variety of digital asset funds beyond Bitcoin and Ether.
Quick Facts
- The SEC is reviewing Truth Social’s proposed Bitcoin and Ethereum ETF, filed on June 16.
- The fund would be split 75% BTC and 25% ETH, with assets held in cold storage.
- Crypto.com will act as custodian; Yorkville America Digital is the sponsor.
- The SEC has delayed a decision on Fidelity’s Solana ETF but opened a new comment period.
