The U.S. Securities and Exchange Commission (SEC) has officially launched a review process for Trump Media’s proposal to launch a new exchange-traded fund (ETF) combining Bitcoin and Ethereum exposure. This marks a significant development in the regulation of crypto investment products in the United States.

🔹 A Dual Crypto Strategy

The proposed ETF, to be listed on the NYSE Arca, plans to allocate 75% of its holdings to Bitcoin and the remaining 25% to Ether. The goal is to give investors streamlined access to the two leading digital assets through a regulated investment vehicle.

🔹 Who’s Managing the Fund

The fund would be managed by Foris DAX Trust Company, part of the Crypto.com ecosystem, while Yorkville America Digital would serve as the sponsor. Daily net asset value (NAV) would be calculated using the CME CF Bitcoin and Ether reference rates, with flexibility for sponsor adjustments.

🔹 Security and Custody Measures

All crypto assets in the fund would be stored in segregated accounts, held separately from other clients, with private keys secured in cold storage. This underscores the growing emphasis on transparency and custody safeguards in the digital asset sector.

SEC Still Hesitant on Other Crypto ETFs

While the Trump Media fund is under review, the SEC has delayed decisions on several other high-profile crypto ETF applications, including Fidelity’s spot Solana ETF and Bitwise’s Ether ETF. Analysts believe this delay reflects the SEC’s efforts to establish a unified framework for all crypto ETFs—focusing on custody, NAV calculation, and benchmark standards.

“Any interaction between the SEC and ETF issuers should be seen as a positive signal,” said ETF analyst James Seyffart.

The SEC has also requested revised filings from all crypto ETF applicants by the end of the month, signaling a possible step forward toward eventual approval.

Trump Media Already Scored with Bitcoin Treasury Deal

While many firms are still waiting, Trump Media has already scored a regulatory victory—back in June, the SEC approved its registration for a $2.3 billion Bitcoin treasury transaction. The current ETF proposal could be the next major move for the media company on the crypto investment front.



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