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In a major development for both the crypto and political landscapes, the U.S. Securities and Exchange Commission (SEC) has officially accepted for review an ETF application submitted by Trump Media & Technology Group. The proposed exchange-traded fund would provide direct exposure to both Bitcoin (BTC) and Ethereum (ETH)—a first-of-its-kind hybrid offering.
📊 Fund Composition: 75% Bitcoin, 25% Ethereum
According to the application, the ETF will be structured to hold:
75% Bitcoin (BTC)
25% Ethereum (ETH)
This allocation offers a diversified exposure to the two most prominent digital assets—Bitcoin as a store of value and Ethereum as the foundation of smart contracts and decentralized applications. This dual composition distinguishes the ETF from existing single-asset offerings.
🔐 Custody and Sponsorship
Custodian: The crypto assets will be securely held by Foris DAX Trust Company, a regulated subsidiary of Crypto.com. Assets will be stored in cold wallets, segregated from client holdings.
Sponsor: Yorkville America Digital, a growing player in the digital finance space, will serve as the official sponsor of the fund.
🧮 Valuation Methodology
The ETF’s daily Net Asset Value (NAV) will be based on transparent benchmark pricing provided by CME Group:
Bitcoin: CME CF Bitcoin Reference Rate (CME CF BRR)
Ethereum: CME CF Ether Reference Rate
These indices compile data from leading crypto exchanges to ensure accurate and reliable pricing.
🏛️ Signals of a Shift at the SEC?
This move comes amid growing debate over the SEC’s stance on crypto-based ETFs. The regulator recently postponed decisions on ETFs tied to altcoins like Solana (SOL), signaling caution around non-Bitcoin assets.
However, the acceptance of Trump Media’s hybrid Bitcoin-Ethereum ETF suggests a potential softening of the SEC's position on mainstream crypto assets. Bloomberg ETF analyst James Seyffart noted that this review could be a “strong sign” that the agency is becoming more open to crypto-related financial products.
🗳️ The Trump Factor: Crypto as a Political Lever
Former President Donald Trump, a vocal critic of fiat currency and proponent of digital assets, appears to be tying crypto policy to his broader campaign strategy. The ETF initiative not only reflects a financial innovation but also a calculated political move as crypto gains traction among voters and investors.
🔍 Looking Ahead: Will the SEC Approve It?
If approved, this ETF would:
Be the first dual Bitcoin-Ethereum spot ETF in the U.S.
Mark a milestone for crypto adoption in traditional finance
Further politicize digital assets in the lead-up to the 2024 presidential election
The SEC’s decision is expected in the coming weeks. Regardless of the outcome, it’s clear that Trump Media’s entry has injected new momentum into the evolving intersection of digital finance and U.S. politics.
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