SEC acknowledges Trump’s Truth Social Bitcoin and Ethereum ETF

The US Securities and Exchange Commission has accepted Trump Media’s application for a Bitcoin and Ethereum exchange-traded fund, starting 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, according to the filing.

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 processs.#BinanceTurns8