SEC Acknowledges Truth Social’s Bitcoin-Ethereum ETF Proposal as Crypto ETP Landscape Evolves

SEC Begins Review of Truth Social’s Bitcoin-Ethereum ETF Application

The U.S. Securities and Exchange Commission (SEC) has formally acknowledged an ETF application submitted by Trump Media & Technology Group, marking the start of the regulatory countdown for a decision on a proposed dual Bitcoin and Ethereum exchange-traded fund (ETF).

Filed under Truth Social’s banner, the ETF aims to give investors exposure to both Bitcoin (BTC) and Ether (ETH) through shares listed on NYSE Arca, with a 75/25 allocation split favoring Bitcoin, according to the initial S-1 submission.

Custody and Management: Crypto.com and Yorkville America Digital

The ETF will be sponsored by Yorkville America Digital, while Foris DAX Trust Company (operating as Crypto.com) will serve as the custodian. Per the filing, Crypto.com will maintain custody of both BTC and ETH in separate, cold storage accounts, fully isolated from other customer holdings, with private keys kept offline for maximum security.

Valuation Metrics Based on CME Benchmarks

The ETF’s net asset value (NAV) will be determined daily. The Bitcoin allocation will track the CME CF Bitcoin Reference Rate, derived from aggregated pricing across major exchanges. The Ethereum portion will use the CME CF Ether Reference Rate, unless otherwise determined by the fund’s sponsor.

This dual-asset ETF was first filed with the SEC on June 16, entering a crowded space of crypto ETF proposals from both new and traditional financial institutions.

Source: James Seyffart

Related: Bitcoin’s $110K Line in the Sand—LF Labs PoS Brings Crypto to Checkout

SEC Explores Streamlining Crypto ETF Approvals

The SEC’s acknowledgment also arrives amid reports that the agency is exploring automated structures for crypto ETF approvals, which could simplify and accelerate future listings. The initiative could be a game-changer, as the current approval process for crypto-related financial products has been notoriously slow and opaque.

Fidelity’s Solana ETF Faces Another Delay

In a related development, the SEC has postponed its decision on Fidelity’s proposed spot Solana (SOL) ETF, citing the need for additional public input. A 21-day comment window is now open, with rebuttals accepted for up to 35 days.

Originally filed by Cboe BZX Exchange on March 25, Fidelity’s Solana ETF is part of a growing trend of single-asset crypto ETP proposals. Despite the delay, analysts remain cautiously optimistic.

“Delayed as expected,” commented James Seyffart, a senior ETF analyst at Bloomberg, via X (formerly Twitter).

“We’re still waiting for movement on a generalized digital asset ETP framework.”

Related: Ripple vs SEC: Experts Dismiss Delay Rumors, Final Verdict Could Be Close

Signs of Progress: SEC Encouraging ETF Amendments

Seyffart also highlighted a potentially positive shift in SEC posture. According to recent reports, the agency has asked multiple ETF issuers—including those proposing Solana-based products—to amend and refile applications before the end of the month.

“Any sort of interaction between the SEC and issuers or exchanges should be viewed positively,” Seyffart added.

“These are not approvals, but signs of engagement.”

Conclusion: Regulatory Momentum May Be Building for Crypto ETFs

The SEC’s acknowledgment of Truth Social’s Bitcoin-Ether ETF application, combined with ongoing dialogue around Solana ETPs, suggests regulatory momentum may be building. While approval remains uncertain, the increase in filings—and the SEC’s apparent willingness to engage—could signal a new chapter for crypto investment products in the U.S.

As the regulatory framework evolves, both institutional investors and everyday traders will be closely watching for signs of more accessible, diversified crypto ETFs entering the market.

Related: Crypto Market Recap: Coinbase Makes TIME 100 List, Buterin Unveils New ID Tech, XRP Rallies on SEC Update