$BTC SEC acknowledges Trump’s Truth Social Bitcoin and Ethereum ETF

The acknowledgment officially starts the clock for the US securities regulator to decide on the proposed Bitcoin and Ether combined 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 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 process.

Truth Social crypto ETF tracks Bitcoin and Ether

Truth Social proposes that the net asset value of its ETF will be evaluated each day with the Bitcoin portion based on the CME CF Bitcoin reference rate, which is calculated by aggregating trade data from multiple major crypto exchanges.

The Ether in the fund will use the Ether CME CF reference rate to evaluate its value “unless otherwise determined by the Sponsor at its sole discretion.”

The crypto custodian will also keep custody of the fund’s Bitcoin and Ether in separate accounts from the rest of its customer base, according to the filing, and hold the private keys in cold storage.

Truth Social first filed an S-1 form with the SEC for the dual crypto ETF on June 16.