The US Securities and Exchange Commission (SEC) has acknowledged an application from the parent company of Truth Social Trump Media & Technology Group to launch a new exchange-traded fund (ETF) tied to Bitcoin
This step starts the formal review process, during which the SEC must decide whether to approve or reject the proposal.
The fund aims to give investors access to Bitcoin and Ethereum through shares listed on the NYSE Arca exchange. According to a July 7 filing, about three-quarters of the fund’s assets would be held in Bitcoin, with the rest in Ethereum.
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This structure would let investors gain exposure to both cryptocurrencies without having to own them directly.
Foris DAX Trust Company, which operates under the Crypto.com
$1.97B
brand, is named as the custodian. It will keep the Bitcoin and Ether in separate accounts from other clients, and the private keys for these assets will be stored offline to reduce security risks.
Yorkville America Digital is listed as the sponsor, responsible for managing the fund and overseeing its operations.
The Bitcoin portion will use the CME CF Bitcoin reference rate, which averages trade data from several large crypto exchanges. The Ethereum portion will utilize a similar CME CF reference rate unless the sponsor decides to employ a different method.
Recently, a crypto firm linked to President Donald Trump and his family, World Liberty Financial (WLFI), has taken action against an unofficial Trump-branded crypto wallet. What did the company say? Read the full story.
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