- Trump Media files S-1 for Truth Social’s dual spot ETF on Bitcoin and Ethereum
- Crypto.com to serve as custodian for the proposed ETF assets
- ETF allocates 75% to Bitcoin and 25% to Ethereum
Truth Social, the media platform of the U.S. President Donald Trump, has filed an S-1 form with the SEC. The platform aims to launch a dual-spot Bitcoin and Ethereum ETF through Yorkville America Digital as the sponsor. The ETF will be backed by digital assets held on Crypto.com’s Foris DAX Trust Company.
The ETF intends to allocate 75% of its assets in Bitcoin and 25% in Ethereum. It aims to list its shares on the NYSE Arca, after approval from the SEC. The shares will be backed by physical BTC and ETH that will be in custody on behalf of the trust.
Crypto.com has been confirmed as the dedicated crypto custodian and prime execution agent for the proposed fund. However, Truth Social has not disclosed the fund’s ticker symbol or the name of the cash custodian. The company plans to file an amendment, at a later date, to outline terms with Crypto.com.
Dual Bitcoin-Ethereum ETF Follows Trump’s Media Bitcoin Treasury
This ETF follows a recent SEC decision which approved the registration of Trump Media and Technology Group’s $2.3 billion Bitcoin treasury. That approval came just days after Trump Media completed a $2.5 billion capital raise to purchase Bitcoin. However, the firm clarified that it has no immediate plans to issue securities under the Bitcoin treasury agreement.
Truth Social’s ETF proposal indicates a wider plan to increase its exposure to digital assets besides balance sheet investments. The platform enters the ETF market, which is in line with the increased institutional demand of compliant crypto investment products. Moreover, its adds momentum to the increasing number of digital asset ETFs anticipate to be cleared by regulators.
CoinShares Joins The Solana ETF Race, Now at 8
It was filed on the same day as CoinShares filed a different S-1 form to launch a spot Solana ETF. CoinShares already has a similar Solana ETP in Europe and intends to recreate the same success in the U.S. The move brings the total number of Solana ETF applications under SEC review to eight.
The Solana ETF applicants include major asset managers such as Fidelity, VanEck and Grayscale, which indicates the interest in diversified crypto products in the industry. However, Bloomberg analysts believe a Solana ETF approval is not expected this week. The regulatory prospects are still unclear as the SEC assesses each application.
Bitcoin Price Action
Bitcoin’s price rose 1.86% to $107,358 within 24 hours following the Truth Social ETF announcement. The price surge indicates increased confidence in institutional products tied to the Trump-endorsed crypto ecosystem from investors. If approved, the ETF may pave the way for billions in new capital inflows.
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