The U.S. Securities and Exchange Commission (SEC) has announced that it is beginning a review period for a proposed Truth Social Bitcoin and Ethereum ETF, filed by NYSE Arca on June 24 . The application from Truth Social for a Bitcoin and Ethereum exchange-traded fund has started the clock for the agency to approve or reject the proposed fund .
The ETF proposes offering investors exposure to Bitcoin (BTCUSD) and Ether (ETHUSD) through shares listed on NYSE Arca backed by the crypto assets, with 75% allocated to Bitcoin and 25% to Ether . Foris DAX Trust Company, doing business as Crypto.com, will act as the custodian, and asset management firm Yorkville America Digital will act as the fund's sponsor .
The filing comes amid a flood of other crypto ETF applications, and the SEC is reportedly exploring a simplified listing structure for crypto ETFs that would automate a significant portion of the approval process . Truth Social first filed an S-1 form with the SEC for the dual crypto ETF on June 16 .
Truth Social, the social media platform founded by former President Donald Trump, has filed for a Bitcoin and Ethereum exchange-traded fund (ETF) with the New York Stock Exchange (NYSE) . This move marks a significant step into the cryptocurrency market by the platform, aiming to capitalize on the growing interest in digital assets .
NYSE has filed for a rule change that would permit Trump Media's combined spot Bitcoin/Ethereum ETF . Trump has called himself the first "crypto president," and his company has filed to offer a line of crypto products .
The proposed fund would hold both Bitcoin and the Ethereum network token, known as Ether, in a three-to-one ratio by value . Crypto.com has been selected as the exclusive custodian, prime execution agent, staking, and liquidity provider for the ETF .